Run of rising Las Vegas home prices reaches an end
Courtesy of Bridget Magnus
After a nearly two-year hot streak, Las Vegas home prices have started to cool off.
But only a little.
The median price of previously owned single-family homes sold in Southern Nevada last month was $180,000, down 1.1 percent from August but still up 28.6 percent from September 2012, according to a new report from the Greater Las Vegas Association of Realtors.
Last month was the first since January 2012 that prices fell from the previous month.
“We knew these rising home prices had to slow down sometime,” GLVAR President Dave Tina said in the report. “Home prices and sales usually slow down heading into the holidays and in the winter, so this may be the beginning of more stable prices for the coming months.”
Meanwhile, buyers are ignoring more and more listings as overconfident homeowners try to land higher prices.
By the end of last month, 6,330 single-family homes were up for sale without any offers attached to them. That’s up 13 percent from August and up 61 percent from a year ago, according to the GLVAR.
Las Vegas’ housing market, one of the worst in the country during the recession, has been recovering the past year, thanks in large part to Wall Street investors buying cheap homes in bulk to turn into rentals.
Faced with rising prices they helped create, though, many investors now are scaling back their local purchases.