Las Vegas Housing Prices Increase - 8 News NOW

Las Vegas Housing Prices Increase

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LAS VEGAS -- Your house might be worth a lot more than you think. The Greater Las Vegas Association of Realtors announced Tuesday that home prices in the valley have jumped by a one-third since last year.

In the month of May, the median home price went up $5,000 to $175,000.

The sound of construction can once again be heard in the Las Vegas valley after being silent for the past five years. When the housing market started collapsing in 2008, buyers were afraid to purchase homes and builders didn't want standing inventory.

That's what makes this development in the middle of the valley near Spring Mountain Road and Rainbow Boulevard so interesting.

"In-fill locations are always difficult to find," said Jeremy Parness, the president of Lennar Las Vegas.

Lennar homes is one of the largest builders in Las Vegas. It has been sitting on parcels of vacant land for years waiting for the housing market to come back to life. The company has already sold 300 homes this year.

"We definitely believe we've found the stable bottom and we're starting to find the momentum of recovery," Parness said.

Lennar is seeing fewer investors buying homes and more families looking to make a commitment to a house. To attract families, builders are thinking outside the four-walled box and throwing in lots of extras.

"Washers, dryers, blinds, refrigerators, appliances," Parness said.

"I've looked on the west side. I've looked on the east side," said Kristopher Milicevic who is shopping to buy his first home. He's been looking since the beginning of the year.

"I talked to the seller, they agreed to sell, I went and met with everybody, high fives, cheers and that type of stuff and all of a sudden he calls me and says nope she backed out. She doesn't want to sell right now, she thinks she can get a better price," Milicevic said.

He hopes to land a house soon because he's noticed it's been harder and harder to buy homes over the past few months.

"It's a long-term investment for myself and also for my city. I grew up here, I'm a native. I want to see Las Vegas succeed and that's one of the reasons I want to invest in this economy at this point."

And builders agree the hammering and price bidding can build the foundation for a stronger local economy.

While the housing market might be making a recovery it is still nowhere near what it was like before the recession. According to the Greater Las Vegas Association of Realtors, the median home price in 2006 was $315,000. Today it is less than half of that.

Across the country, foreclosures are down nearly 30 percent from a year ago. The latest Corelogic report shows the so called shadow inventory is at it's lowest level since 2008.

The shadow inventory is the number of homes that are seriously delinquent and may go into foreclosure soon. That's positive news for the recovery in Las Vegas.

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