According to the latest housing news from GLVAR, Las Vegas home prices posted a small bounce in November. The median price of a single-family home jumped to $202,000, up 1.1 percent from $199,900 in October. This median price is based on the November sale of 2,483 units through the MLS, with overall closings down 13.2 percent from October.
Although Realtors are currently selling fewer homes, the listings that do close are going for more money. With the current sales pace, the local market has a four-month supply of homes for sale (versus a standard six-month supply for typical balanced markets).
Heidi Kasama, GLVAR Association President stated, "Our local housing market has been fairly stable this year. Unless something dramatic happens in the coming, months, we expect to see more of the same in 2015."
Photo: DAVID BECKER