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Home Prices Continue to Go Up

The Greater Las Vegas Association of Realtors has released new numbers for home sales for the month of June. Prices were up 2.9 percent over the previous month, bringing the median home price to $175,000. One year ago, the median price was $131,785. At its highest price, the median price for a house in Las Vegas was $315,000, which was in June, 2006. There are more houses available at the end of June, 3,828, than there were at the end of May, 3,297.

Another great change is the number of traditional sales, as opposed to distressed sales such as short sales and bank owned properties. 31 percent of all sales were short sales, at a median price of $145,600, up from $140,100 in May, and 9 percent were bank owned houses, at a median price of $163,750, from from $154,900 in May. Traditional sales made up 60 percent of all sales, up from 57.9 percent in May. The majority of sales continue to be cash sales, but the percentage is decreasing. The highest number of cash sales was recorded in February, with 59.5 percent of all sales. In May 57.9 percent were cash and in June this number was down to 55.3 percent.

These increases are taking place almost exclusively in houses selling for $200,000 or less. Sales numbers remain strongest in this price range. There were 1815 sales for $200,000 or less in June. There were 622 sales between $201,000 and $300,000 and 431 sales for all houses above $300,000.

Just in case you’re curious, the most expensive sale was in June for $6,000,000 cash. The buyer was Carlos Santana. The least expensive sale was $30,000, also cash.

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