Christmas came early for the local real-estate community with news that housing resale prices edged upward in November, defying the usual trend for the holiday season.
Existing single-family homes sold at a median price of $240,000 last month, breaking a four-month slide by jumping $7,000 from October. That median also represents a $17,500 leap over the price in November 2015, according to the most recent data from the Greater Las Vegas Association of Realtors.
“It’s a good sign to see home prices going up and still appreciating at a healthy clip compared to last year at this time,” GLVAR President Scott Beaudry said.
That price appreciation could trace in part to a housing supply lagging behind demand. Statistics showed 7,252 single-family homes for sale without an offer at the close of November. That is a drop of more than 30 percent from a year ago and it equates to a three-month supply of available housing. A six-month supply is considered to be healthy for a market.
That tight inventory might also contribute to faster home sales in November. Single-family homes sold in 48 days, on average, last month. That is 13 days quicker than in the same month last year.
“In past years, home sales usually saw a slight dip in prices heading into the holidays,” Beaudry said. “I’m pleased to see more homes selling this year. It might be because people want to buy before the end of 2016. I hope that trend continues, even with mortgage rates going up a bit lately.”