Median single-family home prices rise anew
By HUBBLE SMITH
REVIEW-JOURNAL
The median sales price of a single-family home in Las Vegas continues to rise, if only slightly, the Greater Las Vegas Association of Realtors reported Thursday.
The price reached a record $312,500 in December. That’s up less than 1 percent from November, when the median price was $310,000. Prices have jumped 13.6 percent compared with December 2004.
The number of homes sold in December was down 0.2 percent from November for single-family homes and down 2.3 percent for condos and townhomes.
For condos and townhomes, the median local sales price in December was $204,000, up 1.5 percent from the previous month and up 20 percent from one year ago. Listings are down 4.1 percent to 2,596 units.
Nationally, housing is showing signs of a slowdown, but that’s not necessarily bad news for the industry, a panel of housing and mortgage finance chief economists said in Thursday conference call.
“Housing activity is expected to slow in 2006, while home price gains slow sharply, in response to a pullback in investor activity and higher mortgage rates,” Fannie Mae Chief Economist David Berson said. “Investor demand is always more volatile than other housing demand. It looks like they’re starting to pull out. There’s a reduced appetite for investors.”
For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.
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