Las Vegas’ property market remains hot as median home prices and the number of homes for sale continues to increase, according to the latest data from the Greater Las Vegas Association of Realtors (GLVAR).
Dave Tina, President of GLVAR, said local home prices “could continue to appreciate in the coming months, but I think we’re going to see the rate of appreciation slow down at some point… It was also good to see a nice bump in the number of homes available for sale. We still need more homes on the market to meet the strong demand.”
In June, the average price of an existing home stood at US$175,000 (S$223,466), up 2.9 percent from May and 32.8 percent from the previous year, while the number of single-family homes available without any contingent offer rose by 16.1 percent month-on-month to 3,828.
Meanwhile, the median price for condominiums and townhouses was at US$86,000 (S$109,846), down 3.4 percent from May but up 24.6 percent from last year.
The report also found that “traditional sellers” made up 60 percent of all local home sales given the limited number of short sales and foreclosures.
However, short sales will still play a vital role in the property market considering the upcoming expiry of the federal Mortgage Forgiveness Debt Relief Act on 31 December.
Image source: Ethan Miller
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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