For years, Las Vegas' home prices have been rising faster than most of the country, even other metropolitan areas. This trend, according to a new report from the Greater Las Vegas Association of Realtors, is slowing down.
In February, home prices fell by 1.8 percent from the previous month. While that's still 7.7 percent higher than the same time last year, it indicates a slowing of home price growth. The median sales price for an existing home was $296,200 in February 2019.
While the number of homes sold was up in February by 7.8% over January, it was down 7.6% from the previous year.
Another indicator that the market is slowing is that the group found 7,134 homes on the market without offers in February 2019. That is twice the number from the year before.
Overall, the report indicates that this is likely an excellent time to buy a home in the Las Vegas area. As home prices will inevitably rise, the slowing and the temporary shrinkage of house prices makes this a better time to buy than has existed in a few years.