Las Vegas Home Prices on the Rise

House Up

Home prices in Las Vegas are climbing again following the brief dip it took last month.

Reports from the Greater Las Vegas Association of Realtors (GLVAR) have shown that median sales prices of previously-owned single-family homes in Southern Nevada was $195,000 signifying a 1.6 percent increase from April and 14.7 percent from the same time last year.

By the end of May, GLVAR’s listing service had a total of 13,637 single-family homes that were up for sale showing a 1.4 percent drop from April and a 1.3 percent drop from a year earlier. Meanwhile, there were about 3,450 homes that were sold last month showing an increase of 7 percent from April and a decrease of 11 percent from the previous year.

On the other hand, short sales and sales of bank-owned homes have continued to become less common.

7.9 percent of the used-home sales last month were classified as short sales where banks agreed to sell a house for less than what’s owed on the mortgage. This shows a decrease of 12.4 percent from April.

Meanwhile, 9.1 percent of last month’s deals were sales of foreclosed properties, down from 11.4 percent in April.

The plunge in the volume of short sales is attributed to rising property values which have lifted thousands of homeowners out from being underwater and eliminated the need for lender-approved short sales.

“We’d still like to see more inventory in our housing market, but at least we sold more homes in May than we did the previous month,” GLVAR President Heidi Kasama said in the report.

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