Las Vegas Realtors Look Ahead to 2014 - 8 News NOW

Las Vegas Realtors Look Ahead to 2014

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LAS VEGAS - Real estate professionals say the valley's housing market is recovering, but there is still room for improvement.

According to the Greater Las Vegas Association of Realtors, home prices rose 24 percent in 2013. The median sales price of an existing, single-family home sits at $185,000.

GLVAR says home prices rose 24.2 percent from December 2012 to December 2013.

Despite the large increase, home prices are still well below the average from before the recession, when homes sold for approximately $315,000.

During the recession, southern Nevada attracted numerous investors who purchased and flipped homes. GLVAR president Heidi Kasama says that is changing.

"It's good to have investors in the market, but we don't want them being the dominant force. We want home buyers. We want families in our communities. We want steady growth, and that's a much better time for us coming up," she said.

Kasama says foreclosures and short sales are also declining.

Additionally, GLVAR is working with Congressional leaders to expand the Mortgage Debt Relief Act, which expired December 31, 2013. The federal program protected homeowners who lost their property in a foreclosure or short sale.

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