Nice Milestone for Las Vegas Home Prices

Home dollar

Home prices in Las Vegas last month rose to an all-time high in almost six years.

Median sales prices of previously owned single-family homes in Southern Nevada in July were $200,000, up 0.1 percent from June and 11.1 percent from July 2013, according to a new report from the Greater Las Vegas Association of Realtors (GLVAR).

This is significantly higher than the median sales price in August 2008 which only reached $210,000.

 “This tells you how far we’ve come back from the depths of our downturn a few years ago, but also how much room we have before home prices in our area get back to where they were at their peak,” GLVAR President Heidi Kasama said in a news release.

The market rebounded as investors, many backed by Wall Street funds, bought cheap homes in bulk to turn into rentals, although such buyers have been cutting back on local purchases due to the rising prices they helped create.

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