The latest numbers released from the Greater Las Vegas Association of Realtors showed that median prices continued to increase throughout the first half of 2014. This is especially good news considering that sale numbers fell, inventory improved and investors were less active.
The median price of a single family home in June was $199,900, which is up 14.2% from $175,000 a year ago. This is also up 2.5% from the $195,000 median in May of this year. This is our highest median figure since September 2008.
Single family homes bottomed out at a median price of $118,000 in January 2012.
Condos and townhomes rose even more than single family homes did, jumping 26.7% from last year and 6.9% from last month to a median price of $109,000.
With the increase in prices, total sales have fallen some. Single family homes closings fell to 2,675 this represents a 9.8% drop from a year ago. 2014 sales are now 13% below the first 6 months of last year.
Our inventory has also increased this year. In June we had 7,126 homes on the market with no pending offers. This figure is nearly double from last year. Still, that is only about a 3 months’ supply and we need about a 6 months’ supply to have what is considered a balanced market.
Investor activity dropped to its lowest level in years. Only 34.7% of all sales were purchased by investors. That is the lowest rate since July 2009.
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