Las Vegas housing resale prices dipped in July but remained higher than they were a year ago, while sales volume continued to climb, according to a new report.
The median sales price of single-family homes sold in Southern Nevada last month was $218,000, down 0.9 percent from June but up 9 percent from July 2014, according to the Greater Las Vegas Association of Realtors.
Buyers picked up 3,180 single-family homes last month, up 4 percent from June and 20.4 percent from July 2014.
The number of ignored listings, however, also rose. There were 7,636 single-family homes on the market without offers by the end of July, up 2.7 percent from June and 5 percent from a year ago, the GLVAR reported.
The trade association reports data from its listing service, which largely comprises previously owned homes.
In the report, GLVAR President Keith Lynam said he likes to compare the housing market to a marriage: “It’s a good thing when it’s stable.”
“For the most part, that’s what we’ve seen so far this year,” he said.
Prices are rising at a much slower pace than in recent years. After the economy tanked, investors gobbled up cheap homes to turn into rentals and pushed up housing values at one of the fastest rates nationally, raising fears of another bubble. However, the housing marketcooled considerably last year as investors, faced with higher prices, backed out.