Southern Nevada Home Prices Stable

Southern Nevada home prices for January were unchanged from the previous month.

That is according to the most recent statistics released by the Greater Las Vegas Association of REALTORS (GLVAR). The median home price for a single-family home sold was $185,000. That is over 23 percent higher than January of last year.

“January is usually one of our slowest months for home prices and sales, so it’s not surprising to see that prices were so similar to the previous month,” GLVAR President Heidi Kasama said. “For the most part, I think these stable prices are an indication of a fairly healthy housing market.”

The market is not without its challenges, Kasama added. One concern is Congress allowing the Mortgage Forgiveness Debt Relief Act to expire at the end of 2013. “If Congress doesn’t go back and extend this law and make it retroactive to Jan. 1, it can create a big tax hit for anyone who did a short sale in 2014,” she said.

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GLVAR reports stable home prices to start 2014