Las Vegas Home Median Prices Heading Up Again - 8 News NOW

Las Vegas Home Median Prices Heading Up Again

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LAS VEGAS - The Las Vegas real estate market experienced mixed results in February with home sales dropping and home prices rising.

The Greater Las Vegas Association of Realtors reports home sales fell 2.9 percent from January and dropped 23.9 percent from 2013.

Meanwhile, the median price of a home sold in February rose 2.7 percent from January and increased 26.7 percent from the year before. The median price of a home sold in Las Vegas reached $190,000.

GLVAR President Heidi Kasama expressed optimism about the results.

"This bodes well for a healthy housing market and the possibility of more stability heading into the spring and summer months," Kasama said in a statement. "At the same time, we've sold about 15 percent fewer homes so far in 2014 than we did during this same time last year. Another issue we're watching is a slowdown in short sales. There's some uncertainty in the market about whether or not Congress will vote at some point this year to extend the Mortgage Forgiveness Debt Relief Act that has been helping distressed homeowners in recent years."

The Greater Las Vegas Association of Realtors is urging Congress to extend the act for at least another year. Critics of the extension question its expense. The Los Angeles Times reports the act cost the federal government $1.34 billion in lost tax revenue.

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