Despite an increase in local home sales, home prices in the Las Vegas area have begun to level off in October, according to the Greater Las Vegas Association of Realtors.
The total number of homes, condominiums and townhomes sold in October was 3,651, an increase from the 3,298 sold in September. However, a year ago there were 3,881 total sales.
Additionally, the report found the median price of a single-family home was $140,000, unchanged from the previous month but up 15.7 percent on a year-over-year basis.
"The biggest thing I noticed in this month's report is the inventory of homes available for sale went up," said GLVAR president Kolleen Kelley. "We sold fewer homes in October than we listed. As inventory goes up, you're not going to see prices go up as much. It's supply and demand."
The Las Vegas area real estate market has also seen recent improvements in foreclosures. According to RealtyTrac, Las Vegas' foreclosure rate was No. 25 in the country, which is an improvement as the area was once the foreclosure capital of the United States.