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Southern Nevada home prices higher but leveling off in July

August 8, 2018

LAS VEGAS (AP) — A realty group says home prices in southern Nevada have leveled off but they’re still much higher than they were last year.

The Greater Las Vegas Association of Realtors reported Wednesday that the median price for an existing single-family home was $290,000 in July. That’s the same as it was in June but up 11.5 percent from July 2017.

Association President Chris Bishop said sales have been leveling off too and while the housing supply has increased in recent months, inventory Is tight. He says that’s depressed home sales and left realtors on track to sell fewer homes this year than they did last year.

He says it’s still going to be some time before prices reach the peak highs they hit in 2006, when the median price of an existing single-family home was $315,000.

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