Las Vegas Home Prices Surge in July - 8 News NOW

Las Vegas Home Prices Surge in July

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LAS VEGAS - Home prices in Las Vegas rose in July.

The Greater Las Vegas Association of Realtors reports the increase marks the 18th straight month of rising prices. The median price of a home sold in Las Vegas reached $180,000. That represents an increase of 2.9 percent from June and 35.3 percent from July 2012.

"Local home prices have been going up since February of 2012 and are now rising faster than anyplace else in the country," said GLVAR President Dave Tina in a statement. "Looking back, the median price of an existing single-family home sold here in Southern Nevada bottomed out at $118,000 in January of 2012. Now it's up to $180,000. We keep expecting these price increases to slow down at some point, but it hasn't happened yet."

Year-to-year home sales rose slightly with 2,942 closings, an increase of 1.8 percent from 2012. Home sales, however, declined 0.7 percent from June. Tina said 64 percent of home sales in July were traditional sales, instead of investor-related or short sales.

14,133 homes were listed for sale last month - a slight increase of 2.8 percent from June, but a decline of 16.6 percent from July 2012.

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