LAS VEGAS (KLAS) — Local home prices are slipping from record-high levels, and the number of homes for sale is rising, according to information released Tuesday by Las Vegas Realtors (LVR).
The median price for a single-family home was $480,000 in April, a one percent drop from the previous three months when the average price was $485,000. The average price for townhomes and condos sold in April was $302,700, down slightly from March.
“Since the beginning of the year, the median home price has only varied by 1%. That’s pretty rare,” said LVR President George Kypreos, a longtime local REALTOR®. “This month’s LVR statistics are another indication that the local housing market is becoming more balanced, with stable home prices and more homes on the market for buyers to consider.”
In April, there were 6,213 single-family homes listed for sale without any sort of offer, which is up more than 78 percent from one year ago. There are nearly 2,400 condos for sale, which is more than 91 percent from a year ago.
According to LVR, the sales pace in April equates to more than a three-month housing supply. Last year at this time, Southern Nevada had less than a two-month housing supply.
