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Rising home prices are fueling the private-label market
Dated: November 9 2021
Southern Nevada house prices ticked higher last month to a record level as an industry group said the market is “starting to stabilize” after a prolonged acceleration.
The median sales price of previously owned single-family homes — the bulk of the market — was a record $406,500 in September, up 0.4 percent from August and 20.5 percent from September of last year, according to a new report from trade association Las Vegas Realtors.
Buyers scooped up 3,209 houses last month, virtually unchanged from August but down 1.9 percent from September 2020.
Meanwhile, Las Vegas’ tally of available homes for sale climbed last month but remained far below year-ago levels.
The association reported that 3,463 single-family houses were on the market without offers at the end of September, up 6.4 percent from August but down 27.8 percent year over year.
The housing group reports data from its resale-heavy listing service.
Despite big job losses sparked by the coronavirus pandemic, Southern Nevada’s housing market has accelerated over the past year or so with rapid sales and record-high prices, thanks largely to rock-bottom mortgage rates that have let buyers stretch their budgets.
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A Southern CA transplant, Dan has over 11 years in home financing with a multi-faceted background in lending and Real Estate. I have The main objective of providing the highest level of customer servi....
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