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June’s average home sale price 12 percent higher than 2015

Home sales in the valley decreased slightly in June compared to May, as Pahrump saw 42 single family units sold, but was higher than this time last year.

June 2016’s 43 homes sold was seven homes below May’s 50 units sold, but was a three-home increase over June 2015. The average price a home was sold for in June was $181,491, which was a minuscule increase over May’s $181,039, according to the Greater Las Vegas Association of Realtors.

The yearly comparison was vastly better, as June 2016’s average price was just over 12 percent higher than June 2015’s average home price of $161,606.

“It’s shaping up to be a strong summer for our local housing market, and I think most of our members are optimistic that we can continue this momentum in the coming months,” said Scott Beaudry, GLVAR President. “… Overall, the housing market seems to be moving in a positive direction and avoiding the volatility we experienced in past years.”

Since the housing market hit its low average during the recession of $101,638 in May 2012, home prices have bounced back strongly, jumping 78 percent to today’s average sale price of $181,491.

For the year so far the Pahrump Valley has sold 223 single family homes at an average sale price of $172,232. Both numbers have increased over the same time last year, as through June 2015 there were 195 (a 14-percent increase) homes sold at an average price of $171,402 (a 0.5-percent increase).

If home sales continue at this pace throughout the year, it will be the second straight year there was an increase in home sales in the valley as 2015 outsold 2014, which had 344 homes sold, representing an 18.6 percent increase.

Compared to Southern Nevada as a whole, Pahrump is on the same track, as far as home sales are concerned.

The median price of a home sold in Southern Nevada almost doubled since the market hit its low in 2012.

GLVAR reported the average sale price of a home sold in June was $276,560. That’s a 0.6 percent increase from May and 6.4 percent jump from June 2015.

The housing market recovery in Southern Nevada has outpaced Pahrump slightly since hitting rock bottom in 2012, with an average sale price of $143,210. With the June price, that’s a gain of 93 percent.

Contact reporter Mick Akers at makers@pvtimes.com. Follow @mickakers on Twitter.

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