December was a good month for the Las Vegas housing market.
The market saw both an increase in the number of homes sold and the median price of the homes.
With 2,609 homes sold in December, the market posted an increase 8.4 percent over the previous month and a whopping 21.8 percent over the same time the year before.
Median home prices were up 2 percent over November and a full 6 percent versus December 2018.
Most of 2019 saw softening in the market with slower sales, slightly lowering prices, and increased inventory. Home builders saw slower sales than the previous years, but December might be a glimpse to what the 2020 housing market might do.
The massive sales in December caused a significant drop in inventory. There were 5,387 homes for sale at the end of December, down 16.3 percent less than December 2018 and 15.2 less than the month before.
Through all of 2019, pre-owned home sales were down 4 percent over the year before.
Overall, analysts expect the Las Vegas market to break the all-time peak median price that was achieved in 2013. The market has recovered slowly from the mid-2000s bubble. Most analysts don't see a major bubble burst on the horizon. They feel prices in the Las Vegas area are somewhat permanent, although prices will fluctuate on a month-by-month basis.