Las Vegas home prices slipped again last month but remain well ahead of last year.
The median sales price of previously owned single-family homes in Southern Nevada in November was $183,000, down 1.1 percent from October but still 25.3 percent higher than a year ago, according to a new report from the Greater Las Vegas Association of Realtors.
Local housing prices have been climbing at one of the fastest rates nationally this year amid strong investor demand for a low supply of homes. Prices dipped 1 percent in September from August, marking the first time in almost two years that prices fell month to month.
“I’m not surprised to see prices go down a bit this month,” GLVAR President Dave Tina said in a news release. “We may see prices soften a bit more through the winter before hopefully bouncing back in the spring. We’ve been saying for months that it’s very hard to sustain the kind of price increases we’ve been seeing since 2012.”
Las Vegas’ housing market, one of the worst in the country during the recession, has been recovering fast this year, thanks in large part to Wall Street investors buying cheap homes in bulk to turn into rentals.
Faced with rising prices they helped create, many investors have been scaling back their local purchases.