Las Vegas home prices stabilize with median price at $205,000

From the LVRJ: "Local home prices continued to stabilize early in the year, even as sellers tried to push them higher.

The median price of single-family homes sold through the Greater Las Vegas Association of Realtors’ Multiple Listing Service reached $205,000 in February, up 2.5 percent from January and 7.9 percent from February 2014, the association reported Monday.

The condo and town house median was $105,000, unchanged from January and up 2.1 percent from February 2014.Association President Keith Lynam said “slight variations” in median prices reflect a stable housing market.

Median prices rose 10 percent in all of 2014, an appreciation rate that was less than half of the 24 percent increases the market saw in 2012 and 2013.

But even as single-family closing prices have hovered around $200,000 for several months, some sellers are trying to test the market, and that could be hurting sales numbers, Lynam said.

The market had 7,313 single-family homes on the market without offers, up 15.8 percent compared with February 2014. The 2,425 condos and town houses listed without offers was up 9.6 percent year over year.

The median asking price on single-family homes was $225,000, a 15.5 percent gain from a year earlier, while the median listing price on attached homes was up 11 percent to $119,000."

Source: http://www.reviewjournal.com/business/las-...