Las Vegas Home Prices See 2.7 Percent Increase

Las Vegas home prices ticked up 2.7 percent in February - even as the valley saw fewer homes selling.

According to statistics released by the Greater Las Vegas Association of REALTORS (GLVAR), the median price of an existing single-family home sold in Southern Nevada during February was $190,000, up from $185,000 in January. Total existing homes, condos and townhomes sold in February was 2,518, down from 2,565 in January and 3,232 one year ago.

GLVAR President Heidi Kasama said the stability in prices "bodes well for a healthy housing market and the possibility of more stability heading into the spring and summer months." She added, "At the same time, we’ve sold about 15 percent fewer homes so far in 2014 than we did during this same time last year."

Kasama said GLVAR is monitoring the slowdown in short sales and mentioned "uncertainty in the market about whether or not Congress will vote at some point this year to extend the Mortgage Forgiveness Debt Relief Act that has been helping distressed homeowners in recent years."


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