A tight inventory of homes for sale played a role in Las Vegas-area home sales falling on a year-over-year basis for the seventh consecutive month in December, according to DataQuick.
Boosted by both price appreciation and a trend toward more high-end transactions, the median sales price jumped to its highest level in nearly four years.
Up 8% from November, 4,476 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area in December. However, this was a 7.6% drop from the previous December, according to the data firm.
The median sales price for all new and resale properties sold in the Las Vegas metro was $145, 203, which was the highest level its seen since February 2009. The median in December was up 1.9% since November and spiked 26.3% from one-year prior. This marks the ninth consecutive month of year-over-year increases for the metro.
This strong gain in the median sales price is reflective of price appreciation coupled with relatively low home supplies.
Click on the chart below to see the median sales price year-over-year for Las Vegas.