Las Vegas home prices increase one percent from November to December of this year the Greater Las Vegas Association of Realtors reported.
Las Vegas Home Prices Increase
Currently the medium property for sale reached $204,000 in December vs. $202,000 in November 20014 and 10.3 percent increase from $185,000 in December 2013.
Exclusive Las Vegas Home Prices Increase Market Information December 20014
Las Vegas home prices sale activity for the year slowed to 36,550 local properties through the Multiple Listing Service in 2014.
This number has been the first decrease in six years.
Clark County Nevada property closing were between 41,000 and 49,000 from 2009 to 2013.
Foreclosures and short sales make up a smaller share of the closing.
Eight percent of bank owned properties were sold in December, down 8.5 percent a year earlier.
Short sales were 10 percent of the market, down from 20.7 percent a year ago.
Las Vegas Home Prices
The decline in short sales can be attributed directly to the Mortgage Forgiveness Debt Relief Act.
This offered tax benefits to home owners who go through short sales.
Las Vegas real estate cash sales slipped to 34.1 percent compared with 44.4 percent a year ago.
Las Vegas real estate investors normally dominate the cash sales, indicating a decrease in investor activity.
Medium price for condos and townhomes in December was $105,000, down 5.8 percent from $111,450 in November, but up 9.4 percent from December of 2013.
The last couple of years have seen some big increases of 24 percent.
Year to year property increases have slowed significantly since 2012 and 2013.
Medium Las Vegas home prices bottomed out to $118,000 in January of 2012.
With three years of double digit increases, is still well below June 2006 high of $315,000.
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Las Vegas Home Prices Increase
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Las Vegas Home Prices Increase
