Las Vegas Sun

April 25, 2015

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Las Vegas home prices up again in March; median now $161,000

Home prices in the Las Vegas area are up 7.3 percent from a month ago and nearly 31 percent from last year as supply stays short.

Officials with the Greater Las Vegas Association of Realtors said Tuesday that the median price for a single-family home sold in March was $161,000, up from $150,000 in February.

That's still about half of what the median home price was in 2006.

Realtors say there were about 13,700 single-family homes listed for sale by the end of March, which is down 3 percent from the month before.

Officials say they're seeing short sales and traditional sales eclipse the foreclosure trend of the past few years. Foreclosures accounted for about 80 percent of all sales four years ago, and dropped to 9.5 percent in December.

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  1. Where? My home was worth exactly the median value when the banks wrecked the economy. It lost 50% of its value and did not gain 30% in the last month. It is nowhere near the median quoted in the article.

  2. I think the only reason short sales and traditional sales are up over forecloseures are because the paper work required in LV for a bank to process a foreclosure makes them state if they did the initial loan correctly or robosigned. Banks aren't willing to say they did bad practices, so the house just swings in a 'state of foreclosure' which is unable to come to the market.

    Dont think that a constricted market that races prices will last forever in Las Vegas. I would predict rather there is going to be a bubble that is burst again once these foreclosures start being processed quickly again.

  3. This is mostly due to Nevadans permitting these vulture "investors" to come to Nevada and scavenge foreclosed home only to flip them at the expense of Nevada residents.

    Too bad Nevadans don't put pressure on their elected officials to stop this practice.

    Nevada, more so Las Vegas, is becoming a city of renters - moving away from home owners.

    This is bad for the community as a hole. These short term living arrangements do no justice to long term stability in the housing market.

    Nevadans need to pressure their elected officials to enact legislation to stop these scavengers from buying out homes only to flip the homes.

    This is bad for Nevada!

  4. Let me know when they go up 100%. That'll take me back to break even.

  5. "This is mostly due to Nevadans permitting these vulture "investors" to come to Nevada and scavenge foreclosed home only to flip them at the expense of Nevada residents."

    Plenty of local investors are buying these properties as well.

  6. A $250,000 home, purchased in 2002, should be worth $335,979 today based on Las Vegas's historic appreciation rate of 3%. Today we're only about 60% of the way there, but slowly improving.

  7. I have a question perhaps someone might answer. My question is, who sets the home values as per zip codes and how do they or who come to the figures they list in the local papers. Example, homes on 89015 are up 20%, next door at 89002 the home values are down. I am familiar with both areas and it dosn't make sense and it also places a negative value to homes in the areas which have gone down. I see a little more value in 89002, but someone dosn't.