Housing inventory still dropping, prices still rising

The inventory of available houses in Las Vegas kept tumbling last month as prices climbed above last year’s levels.

The median sale price of single-family homes in Southern Nevada in September was $265,000, up 1.9 percent from August and 13.5 percent from September 2016, according to a new report from the Greater Las Vegas Association of Realtors.

Buyers picked up 2,914 single-family homes last month, down 11.3 percent from August and down 0.4 percent – essentially flat – from a year ago.

Meanwhile, 4,969 single-family homes were listed for sale without offers at the end of September, down 3.6 percent from August and 33.1 percent year-over-year, according to the GLVAR.

The trade group pulls data from its listing service, which largely comprises previously owned homes. Single-family dwellings dominate Las Vegas’ market.

Inventory has been sliding in Southern Nevada amid increased demand from buyers, a still-large tally of underwater borrowers who can’t easily sell and a sizable number of rental homes that aren’t listed for sale.

GLVAR President David J. Tina, co-owner of Urban Nest Realty, said in a news release that home prices keep rising by double digits because of strong demand, the improved economy, relatively low mortgage rates and a shrunken supply of listings that’s “as tight as it has been in recent memory.”

“All these things drive up home prices,” he said.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @ eli_segall on Twitter.