A real estate sales report from January suggests that the housing market in Las Vegas will maintain a steady course this year on Tuesday, February 9, 2016.
Wednesday, December 7, 2016 - 5 a.m.
Christmas came early for the local real-estate community with news that housing resale prices edged upward in November, defying the usual trend for the holiday season.
Existing single-family homes sold at a median price of $240,000 last month, breaking a four-month slide by jumping $7,000 from October. That median also represents a $17,500 leap over the price in November 2015, according to the most recent data from the Greater Las Vegas Association of Realtors.
"It's a good sign to see home prices going up and still appreciating at a healthy clip compared to last year at this time," GLVAR President Scott Beaudry said.
That price appreciation could trace in part to a housing supply lagging behind demand. Statistics showed 7,252 single-family homes for sale without an offer at the close of November. That is a drop of more than 30 percent from a year ago and it equates to a three-month supply of available housing. A six-month supply is considered to be healthy for a market.
That tight inventory might also contribute to faster home sales in November. Single-family homes sold in 48 days, on average, last month. That is 13 days quicker than in the same month last year.