Las Vegas Home Prices Rise in June - 8 News NOW

Las Vegas Home Prices Rise in June

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

The median price of a home sold in Las Vegas reached $175,000 - an increase of 2.9 percent from May and 32.8 percent from June 2012.

"When you compare existing local home prices to one year ago, we're still posting big increases, at least for now," said 2013 GLVAR President Dave Tina in a statement. "I think local home prices could continue to appreciate in the coming months, but I think we're going to see the rate of appreciation slow down at some point. It was also good to see a nice bump in the number of homes available for sale. We still need more homes on the market to meet the strong demand."

Home sales dipped slightly in June. GLVAR reports 2,964 units sold, which is a decline of 3.6 percent from May and 7.8 percent from June 2012.

Tina says the valley is seeing an increase in traditional home sales, or sales by homeowners, instead of short sales and/or sales by lenders.

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