Home Inventory, Prices Rise in Las Vegas

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Prices of previously owned single-family homes continue to climb in Las Vegas according to the Greater Las Vegas Association of Realtors (GLVAR). This is because investors have been buying cheap homes in bulk and turning them into rentals as a way to capitalize the housing crash.

Considered as one of the fastest-growing rates in the country, the median sales price of such properties in Southern Nevada has reached $195,000 which is up 2.6 percent from February and 21.1 percent from March 2013. The current rate is 65 percent higher than the all-time low of $118,000 experienced by the state in January 2012.

GLVAR has listed a total of 13,444 single-family homes for sale in March with 6,470 of these being offered without any offer attached to them.

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