October 20, 2013
Market: Las Vegas, NV
The Las Vegas MSA’s streak of 19 consecutive months of single-family home price increases finally came to an end in September. The median price fell 1.1% month-over-month to $180,000, still representing a 29% annual increase. According to reports from The Greater Las Vegas Association of Realtors this is the first monthly decrease since January 2012. Dave Tina, the organization’s president, lent some perspective to the situation: “We knew these rising home prices had to slow down sometime. This may be the beginning of more stable prices for the coming months.”
In terms of demand, of the 14,659 single-family homes that were listed for sale at the month’s end, 6,330 homes did not yet have an offer. That is That is a 12.8% increase in homes without an offer over the previous month and 60% increase year-over-year.
Read more at the Las Vegas Review-Journal.