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LV Home Prices Drop

19-month Increase Streak Ends
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(Photo by Justin Sullivan/Getty Images)

(Photo by Justin Sullivan/Getty Images)

Nate Tannenbaum Nathan Tannenbaum
Email Nathan at nathan.tannenbaum@cbsradio.com
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LAS VEGAS (AP) — A 19-month streak of rising Las Vegas-area home prices has finally come to an end.

The Greater Las Vegas Association of Realtors reports Tuesday that the median price for a single-family home was $180,000 in September, down 1.1 percent from August.

It’s still 28.6 percent higher than what the median sales prices was a year ago.

Association chief Dave Tina says prices and sales usually cool down after the summer, and says the latest numbers may indicate more stable prices in the coming months.

The report says the inventory of homes is growing. More than 6,300 homes were listed by the end of September and didn’t have any sort of pending offer on them. That’s up 13 percent from August.

 

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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