Las Vegas Home Sales and Prices Continue to Climb

Posted on by & filed under Nevada by the Numbers Blog.

Local home sales and prices continued to post gains in August compared to the same time last year, according to a report released Wednesday by the Greater Las Vegas Association of REALTORS® (GLVAR). 

GLVAR reported the median price of homes sold through its Multiple Listing Service (MLS) during August was $220,000, unchanged from July and up 10.0% from $200,000 one year ago. Meanwhile, the median price of local condominiums and townhomes, including high-rise condos, sold in August was $110,000. That was up 4.8% percent from $105,000 one year ago. 

The total number of existing local homes, condominiums and townhomes sold in August was 3,454, up from 3,120 one year ago. Compared to August 2014, 11.2% more homes and 8.3% more condos and townhomes sold this August. Through Aug. 31, GLVAR reported a total of 26,225 sales so far in 2015, compared to 24,965 sales during the same period in 2014. 

In August, 6.2% of all local sales were short sales – which occur when lenders allow borrowers to sell a home for less than what they owe on the mortgage. That’s down from 11.5% one year ago. Another 7.0% of August sales were bank-owned, down from 8.9% one year ago.

The total number of single-family homes listed for sale on GLVAR’s Multiple Listing Service in August was 13,608, down 1.0% from one year ago. GLVAR tracked a total of 3,459 condos, high-rise condos and townhomes listed for sale on its MLS in August, down 4.5% from one year ago. 

By the end of August, GLVAR reported 8,060 single-family homes listed without any sort of offer. That’s up 3.5% from one year ago. For condos and townhomes, the 2,319 properties listed without offers in August represented a 3.3% decrease from one year ago.

GLVAR said 28.2% of all local properties sold in August were purchased with cash. That’s down from 32.1% one year ago and less than half of the February 2013 peak of 59.5%.