Home Prices Rise, Sales Fall in February - 8 News NOW

Home Prices Rise, Sales Fall in February

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LAS VEGAS - The Greater Las Vegas Association of Realtors reports home prices rose in February.

GLVAR says the median price of single-family homes sold in February was $150,000 - an increase of 24 percent from $121,000 one year ago. Condos/townhomes sold for a median price of $82,000 - 9.3 percent higher than January and up 36 percent from 2012.

"Local home prices have been going up for more than a year now. I know most homeowners and people in the real estate industry are glad to see this kind of appreciation," said 2013 GLVAR President Dave Tina in a statement. "But at the same time, we wish there were more homes available to sell to the steady stream of buyers who are looking for homes here."

While prices rose in January, sales fell. The number of existing homes, condominiums and townhomes sold in February was 3,232 - an increase from 2,821 in January, but a decrease from 3,794 total sales in February 2012.

Tina says banks are foreclosing on fewer homes than they were a few years ago, and homeowners in greater numbers are hanging on to their homes rather than selling them.

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