Las Vegas home listings last month reached their lowest level since December 2015, while the median sale price continued a modest four-month slide, according to statistics released Tuesday by the Greater Las Vegas Association of Realtors (GLVAR).
A total of 3,347 single-family homes were listed for sale during October, marking a 5.6 percent drop from the same month last year and the smallest amount of added listings since just 2,291 homes came onto the market in December.
The market for new-home construction also appears to be slowing at the same time. The report says that “a low number of first-time buyer purchases and a looming demographic shift also seem to be curbing the desire to start new single-family construction projects. As older Americans retire and downsize, single-family listings are expected to rise.”
“Our housing supply has been very tight for many months now, and I don’t see that changing anytime soon,” GLVAR President Scott Beaudry said.
The median price of $233,250 for October sales slid $1,650 from September, but still represented a 5.1-percent year-over-year increase. Home prices peaked this year during July at a median price of $237,500.
“The housing market tends to slow down in the fall as kids go back to school and the weather cools off, so it’s no surprise to see local home sales and prices cool off a bit in October,” Beaudry said.
Condominiums and townhomes sold last month at a median price of $117,550, a jump of 18.7 percent from one year ago.
Southern Nevada is on pace for more existing home sales than both of the past two years, but fewer than during each of the previous five years.