Las Vegas housing prices dip 0.9 percent in July

According to a new report from the Greater Las Vegas Association of Realtors, Las Vegas housing resale prices dipped slightly in July with the median sales price at $218,000, down by 0.9 percent from the month prior but still up 9 percent from July 2014.

On the other hand, sales volume climbed up 4 percent from June and 20.4 percent from the year prior with 3,180 single-family homes purchased. The number of ignored listings (homes on the market without offers) also rose. In Southern Nevada, there were 7,636 ignored listings without offers by the end of July, up 2.7 percent from June and 5 percent from one year ago.

"It's a good thing when it's stable. For the most part, that's what we've seen so far this year," stated GLVAR President Keith Lynam.

The housing market has cooled considerably since last year, with prices rising now at a much slower pace than as of recent. Faced with these higher paces, investors have since began to steer away from the Las Vegas market.

Shawn Cunningham

(702) 823-0855

Source: VEGASINC.com

Photo: STEVE MARCUS