Las Vegas home prices were up last month from a year earlier amid flat sales and sliding inventory, a new report shows.
The median sales price of single-family homes in November was $261,150, down 0.7 percent from October but up 8.8 percent from November 2016, according to the Greater Las Vegas Association of Realtors.
Buyers picked up 2,594 single-family homes last month, down 12.7 percent from October but unchanged from last November.
Meanwhile, the tally of available houses kept tumbling. A total of 4,538 single-family homes were on the market without offers at the end of November, down 5.4 percent from October and 33.1 percent from a year ago, the GLVAR reported.
The trade group reports data from its listing service, which largely comprises previously owned homes. Single-family dwellings make up the bulk of Las Vegas’ market.
Prices normally level off heading into the winter months, GLVAR President David J. Tina, co-owner of Urban Nest Realty, said in a news release. He also said demand keeps exceeding the shrinking supply of available homes.
“We have a growing population and an undersupply of homes on the market,” Tina said. “So regardless of what happens here over the next five years or so, we’re still going to need more houses for all the people moving here.”
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