Las Vegas Home Prices Rise, Sales Fall in January - 8 News NOW

Las Vegas Home Prices Rise, Sales Fall in January

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LAS VEGAS - Las Vegas home prices rose in January, according to the Greater Las Vegas Association of Realtors (GLVAR). Despite the positive news, home sales fell last month.

GLVAR reports the median price of a home sold in January was $185,000, which matched the median sales price in December 2013, but represented a 23 percent increase from January 2013.

While prices rose, sales fell.  2,067 homes sold last month - a drop of 13.7 percent from December 2013 and a decrease of 9.5 percent from January 2013.

GLVAR President Heidi Kasama says January is typically a slow month for home prices and sales.

"For the most part, I think these stable prices are an indication of a fairly healthy housing market. At the same time, we're still dealing with some challenges," she said.

Kasama says those challenges include the expiration of the Mortgage Forgiveness Debt Relief Act in December 2013.  Congress has yet to extend that act.

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