Vegas Home Prices Rise, Market Sees More Traditional Buyers

The median price of an existing single-family home sold in Southern Nevada during June was $199,900 – the highest mark since September 2008.

This is according to recent statistics released by the Greater Las Vegas Association of REALTORS (GLVAR). The median price is 2.5 percent higher than May and up over 14 percent compared to June 2013. GLVAR President Heidi Kasama called the latest numbers “encouraging.”

There was also an increase in traditional buyers purchasing homes. A shade under 35 percent were purchased with cash, far below the February 2013 peak of 59.5 percent. This indicates investors are taking up a smaller portion of buyers and is another positive sign, according to Kasama.

“While real estate investors have played a key role in helping our housing market recover in recent years, it’s also good to see more traditional buyers entering the market. The percentage of local home buyers paying with cash is now under 35 percent. It hasn’t been that low since July of 2009.”

Meanwhile, the number of existing homes sold this year is about 13 percent behind last year’s pace.

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Ben Rowley About Ben Rowley

Ben Rowley is the web editor of Nevada Business Magazine and owner of Nevada Central Media, LLC. Ben takes an integrated media approach to getting content right and read.
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