LAS VEGAS, Nev. (FOX5) – Despite another month of record home prices, the Las Vegas area housing market may be seeing the first signs of a shift.
Fewer homes are selling even as more homes are hitting the market, according to Las Vegas Realtors in its newest real estate report. LVR reported 3,758 existing local homes, condos and townhomes sold in May. Sales were down 8.8% for homes and down 6.6% for condos and townhomes from a year ago.
“The slowdown in sales and increase in our housing supply are signs that things may be starting to calm down a bit,” LVR president Brandon Roberts said. “Even though prices are still going up, it’s welcome news for potential buyers to see more homes on the market. As we’ve been saying for months, the rate of appreciation we’ve seen over the past year or two seems unsustainable.”
LVR reported 3,570 single-family homes listed without any sort of offer at the end of May, up 75.8% from last year. Overall,…