Southern Nevada home prices keep steadily marching higher.
But some owners, hoping to cash in on the upswing, are pricing too high and are having trouble selling.
The median price of a previously owned single-family home sold locally last month was $182,000, up 32 percent from a year earlier, according to a report out today from the Greater Las Vegas Association of Realtors.
Sales prices have now climbed 18 of the past 19 months after bottoming out in January 2012 at $118,000.
Last month, 67 percent of all existing home sales were traditional transactions between a buyer and a seller, the highest that ratio has been in several years. Twenty-five percent were short sales, in which banks agree to let homeowners sell their house for less than what’s owed on the mortgage, and the remaining 8 percent were sales of bank-owned homes, the GLVAR reported.
Meanwhile, the number of homes up for sale without any offers keeps rising.
There were 5,612 such single-family homes on the GLVAR’s listing service at the end of last month, up 20 percent from July and up 41 percent from August 2012.
GLVAR President Dave Tina said some people are pricing their homes too high and then have to slash their prices. If that continues, he said, homes will stay on the market longer.
Overall, he said the market is more stable and could soon cool off.
“Prices may level out soon,” Tina said in the report, “but I don’t think they will drop.”