Even as the market slowed and fewer homes sold, Southern Nevada's housing market started the new year on solid footing. The latest report from the Greater Las Vegas Association of Realtors showed the median price of single-family homes sold at $200,000 in January. This was up 8.1 percent from $185,000 in January 2014. The median among condos and townhomes was also up 10.5 percent in comparison with one year ago.
Due to typical seasonal drops in market activity, it came as no surprise that January sales were down while home prices continued their rise at a gradual pace. Although the median price remains below its 2006 peak of $315,000, it is now nearly double its 2012 low of $118,000. We are also seeing other positive trends in the valley housing market such as fewer distressed sales and a more balanced market in terms of available inventory.