Condo conversions are keeping the median prices down:
The median price of a new home in Las Vegas today is $287,515. Last year's median price happens to be $241,750. The median price would have definitely been above $300,000 if not for large number of condo conversions taking place. This year alone around 620 apartments were converted and their median price was $154,400.
The market continues to be strong with new homes sales going up by 21 percent. The estimated closings on apartment conversions will top 6,000 this year.
Permits for new homes came down but apartment conversions increases and kept the sales up.
Las Vegas housing lower prices this year is a reflection of the condo conversion prices included in the data used to calculate the home prices.
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