Sales of single family homes in the Las Vegas Valley remained strong in April 2016. When compared to April a year ago, the number of resale homes sold rose 4.75% to 2778, while the median price is up over last April, but virtually unchanged since June of 2015. Since June, the median sales price has stayed in the $218-222,000 range, registering $221,000 this past month.
Inventory remains very tight, with only a two-and-a-half month supply currently on the market. The actual number of homes available on the date, May 6, is 7048, down from 7160 a month before. The number of homes in escrow rose over a hundred to 6067, so demand remains strong.
The Home Is Possible Program remains in effect: buyers are eligible for up to a 5% grant toward closing and down payment costs. Remember, this program is a grant, so that money does not ever have to be repaid. See the previous blog post regarding this program BELOW.