Las Vegas-area home listings top 10,000 for first time in more than a decade

Las Vegas-area home listings top 10,000 for first time in more than a decade The Las Vegas Valley now has over 10,000 homes on the market, according to a recent report. Data supplied to the Las Vegas Review-Journal by David Brownell, president of Brownell Analytics, indicates that as of the end of August there were 10,344 properties listed for sale—the highest level since 2014. The Las Vegas Realtors, citing Multiple Listing Service figures, reported 10,304 single-family residences, condos and townhouses available in Southern Nevada at the same time. Before August, the valley last exceeded the 10,000‑home threshold in the wake of the Great Recession in 2009, Brownell noted. Brownell outlined the factors influencing the local residential market as the area faces a housing shortage. “The bigger communicative whitethorn beryllium what’s happening connected the request side,” helium said. “Under declaration enactment and caller escrows person present declined for 5 consecutive months. And yet, prices are holding. The median single-family income terms finished August astatine $485,000, precisely wherever it was past period and precisely wherever it was 1 twelvemonth ago. At the aforesaid time, determination is present a $60,000 spread betwixt the median terms of what is presently listed and what is really selling.” He added that inventory is rising, yet discouraged sellers often withdraw listings rather than cut prices when demand falls short of expectations, while new entrants keep coming; cancellations, however, keep the overall supply relatively steady. &ld