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Valley New Home Prices on Rise by Andy Karpf

New home prices in the Las Vegas Valley rose 3.3% in March to $201,668 and are up 1.6% from one year ago.

Resale home prices rose in March to $103,000 which is an increase of $2,200 from February but is a decrease of 4.3% from a year ago.  Prices for non-distressed homes, properties that aren’t short sales or repos, rose for the third straight month to $105,000.

Listings and foreclosures continued to decrease each month.  Although new homes sales for the month were only at 352 in March, that is an increase of 24% from the previous month.  During the boom months there were about 2400 new homes sales a month.

Cash sales were again very prominent in the resale market.  They made up 54% of the resale closings in March.

One of the key market factors in the Valley has been the paltry amount of foreclosures during the past several months.  During March, only 322 homes were repossessed by lenders.  This figure represents half of the amount from February and is down 84% from a year ago.

For more information on the Las Vegas Valley housing market click here:

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