Southern Nevada home prices are on an 18-month climb.
This is according to statistics recently released by the Greater Las Vegas Association of REALTORS.
The median price of an existing single-family home sold in July was $180,000, up 2.9 percent from $175,000 in June and up 35.3 percent from $133,000 last year. This is still far from the peak of $315,000 back in June 2006.
The median price of condominiums and townhomes sold in July was $91,500, up 6.4 percent from $86,000 in June and up 37.6 percent from $66,500 one year ago.
“Local home prices have been going up since February of 2012 and are now rising faster than anyplace else in the country,” said GLVAR President Dave Tina. “We keep expecting these price increases to slow down at some point, but it hasn’t happened yet.”
GLVAR also reported a modest increase in the number of homes listed for sale. Currently, demand is high and supply low. Traditional sales are going up, while there are fewer short sales and foreclosures occurring.