Southern Nevada Home Sales, Prices Rise

Home Sales

Southern Nevada is enjoying its share of steady growth in the housing market as local home prices and sales increased in April, reports the Greater Las Vegas Association of Realtors (GLVAR).

Median prices of homes sold through GLVAR’s Multiple Listing Service was $212,568, a 10.7 percent year-on-year and a 3.7 percent increase from March of 2015. On the other hand, local condominiums and townhomes, including high-rise condos was $115,000, a 10 percent growth from one year ago.

According to GLVAR, the total number of existing local homes, condominiums and townhomes sold in April was 3,379, up from 3,358 in March and up from 3,215 one year ago. Sales were up 1.7 percent for single-family homes, but down 3.8 percent for condos and townhomes from the previous month. Year-on-year, 5.3 percent more homes and 4.3 percent more condos and townhomes sold this April.

“Overall, it’s shaping up to be a good spring for our local housing market,” said 2015 GLVAR President Keith Lynam. “Like last month, when we saw a nice increase in sales compared to the same time last year, it’s too soon to call two months of increasing sales a trend, but it’s good news nonetheless.”

Lynam said this increased sales pace, combined with a continued tight supply of homes available for sale, means Southern Nevada has less than a three-month supply of available homes. A six-month supply is considered to be a balanced market, he added.

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