After eight straight months of rising local home prices, statistics released today by the Greater Las Vegas Association of REALTORS(R) (GLVAR) show existing home sales increasing and home prices beginning to level off. GLVAR President Kolleen Kelley, a longtime local REALTOR(R), said she it was only a matter of time before the eight-month run of rising local home prices came to an end.
“The biggest thing I noticed in this month’s report is that the inventory of homes available for sale went up. We sold fewer homes in October than we listed,” Kelley explained. “As inventory goes up, you’re not going to see prices go up as much. It’s supply and demand.”
She added that local home prices typically drop along with the temperature. Based on these seasonal trends, she said stable home prices heading into the holidays would be a good indication that the local housing market is continuing to rebound from the downturn of the past few years.
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