GLVAR reports increase in local home prices, traditional sales
LAS VEGAS – Strong demand and a tight housing supply continue to push up home prices in Southern Nevada, according to statistics released today by the Greater Las Vegas Association of Realtors (GLVAR).
The association’s report shows existing home prices are now 30 percent higher than one year ago.
With local home prices up and inventory down, Realtors have been reporting more homes sold by “traditional” sellers – as opposed to lenders, who are responsible for the short sales and foreclosures that have dominated the market in recent years. In fact, for the first time in years, GLVAR President Dave Tina said “traditional” sales have accounted for more than half of all local home sales so far in 2013.
GLVAR reported the median price of single-family homes sold in March was $161,000, up 7.3 percent from $150,000 in February and up 30.9 percent from $123,000 one year ago. Meanwhile, the median price of local condominiums and townhomes sold in March was $80,150, down 2.3 percent from $82,000 in February, but up 31.4 percent from $61,000 one year ago.
“I look at these statistics and see more signs of stability in our local housing market,” Tina said. “One example is the increase we’re seeing in regular sales, where the seller is the homeowner, not a bank. More than 55 percent of all our sales in March were traditional sales. That tells me we’re getting back to a more normal housing market.”