LAS VEGAS - Home prices rose in August as Las Vegas saw an increase in the number of homes available for sale.
The Greater Las Vegas Association of Realtors reports the median price of a home sold in Las Vegas in August reached $182,000. That represents an increase of 1.1 percent from July, but a significant spike of nearly 32 percent from 2012.
The Las Vegas area experienced 3,980 new listings last month - an increase of 4.1 percent from July and 7.3 percent from last year.
"It's good to see more homes available for sale in the past few months," said GLVAR President Dave Tina in a statement. "At the same time, I see some sellers pricing their homes too high for the market and then having to reduce their asking prices. If that continues, homes will stay on the market longer. Overall, we're seeing a more stable housing market and economy."
While the number of homes available for purchase increased, Tina says demand by potential home buyers also remains high. August also brought another increase in the number of homes sold by traditional sellers (i.e., homeowners) versus lenders.