LAS VEGAS - Home prices in Las Vegas rebounded in October after a drop in September, according to the Greater Las Vegas Association of Realtors.
The median price of a home sold last month reached $185,000, an increase of 2.8 percent from September. The price represents a 32.1 percent increase from 2012.
Despite the good news, GLVAR President Dave Tina said in a statement he expects home prices to drop in the coming weeks. "Home prices and sales usually cool off along with the weather," he said.
While prices rose, sales slipped. GLVAR reports 2,627 homes sold last month, a drop of 1.7 percent from September and a decline of 11.9 percent from last year.
GLVAR reports 27 percent of home sales involved either foreclosures or short sales. The remaining 73 percent involved traditional home sales.