Las Vegas home prices rise in March - 8 News NOW

Las Vegas home prices rise in March

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LAS VEGAS - Home prices rose in March, as did the number of homes available for sale according to the Greater Las Vegas Association of Realtors (GLVAR).

GLVAR reports the median price of a home sold in the valley reached $195,000 - an increase of 2.6 percent from February and 21.1 percent from 2013.

13,944 homes were available for sale last month. That represents an increase of 2.3 percent from February and 1.8 percent from last year. More than 3,600 of those homes were new listings.

Home sales rose sharply in March from the month before. 2,538 homes sold, a jump of 26.4 percent from February, but a decline of 14.2 percent from March 2013.

"One of the trends we noticed this month is the increase in our inventory. That helps people looking to buy a home. After dealing with such a tight housing supply last year, we now have more than twice as many homes without pending or contingent offers on them than we did a year ago," said GLVAR President Heidi Kasama in a statement. "We also sold more homes in March than in February, even though our sales pace so far this year is about 15 percent behind last year."

GLVAR reports short sales and bank-owned home sales continued their decline in March.

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