Home Sales, Prices Rise in Las Vegas - 8 News NOW

Home Sales, Prices Rise in Las Vegas

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LAS VEGAS - The Greater Las Vegas Association of Realtors reports the median price of a home sold in Las Vegas rose to $149,000 in December. Home sales also rose from November.

The $149,000 median price represents an increase of 2.1% from November and 24.2% from 2011. The median price of a condo/town home rose to $76,000.

GLVAR reports 2,961 homes sold in December - an increase of 10.4% from November, but a decline of 14.3% from 2011. Six hundred and 63 condo/townhomes sold in December - an increase of 8.5% from November and a decrease of 16.5% from December 2011.

GLVAR officials say Las Vegas finished 2012 with home prices up 24% from the beginning of the year.

"Rising home prices were the big story of the year," said GLVAR President Dave Tina in a statement. "It was also a good year for local home sales, ranking as our third best sales year ever. And we could have sold more existing homes in 2012 if we had more homes on the market. We ended the year with about a five-week supply of available inventory."

Tina predicts the trend will continue in 2013 since Congress last week approved the Mortgage Forgiveness Debt Relief Act.

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