Home prices dipped slightly last month in Southern Nevada, but sales volume increased despite a tight supply.
The Greater Las Vegas Association of Realtors reported that the median sales price of single-family homes in Las Vegas was $235,000 in August, down $1,000 from July but 6.8 percent higher than the August 2015 price of $220,000.
The report said 3,102 homes were sold last month, up from 2,837 in July. Looking at the market more broadly and comparing year to year, the GLVAR said, 3,789 homes, condominiums and townhomes were sold in August, up from 3,454 total sales in August 2015.
GLVAR President Scott Beaudry noted in a news release that the gains came at a time when the region had a three-month supply of homes available for sale — three months less than what is considered a balanced market.
"It's good to see that we sold more homes last month than we did during the previous month and year, even with the tight inventory we've been dealing with," Beaudry said in the release. "As for home prices, we're starting to see a more normal rate of appreciation, where prices are going up more gradually as opposed to the double-digit increases we've seen the last few years."
Among other key points in the report:
• Homes sold faster this August than last. The GLVAR said 76.1 percent of homes and 74.7 percent of condos and townhomes sold within 60 days this year, compared to 68.9 percent of homes and 64.6 percent of condos and townhomes in August 2015.
• Short sales decreased to 4.1 percent of all sales last month from 6.2 percent in August 2015.