Home prices continued their rapid rise in July with a new median home price of $180,000. This is up 35.5% from $133,000 just one year ago. The median price for condos and town homes is up to $91,500, which is a 37.6% increase from last year.
Since the low of $118,000 in January 2012, home price have risen faster in the Las Vegas Valley then they have anywhere else in the country.
Experts expect the rise to slow down at some point in the near future but it hasn’t happened as of yet.
Prices are still way below the peak value of 2006 when the median price reached a high of $315,000.
Inventory went up just a bit in July but supply is still very tight when compared to demand. It appears that investors have slowed down a bit as the number of cash buyers went down to 54.4% in July. This trend has continued since the record high of 59.5% this past February.
Distressed sales also slowed this past month. 28% of sales in July were short sales which are down from 31% in June. Also, only 8% of sales were bank owned which is down 1% from June.
The median price for new homes continued its rise to $266,725. This is a 37.6% increase from a year ago. Much of this increase is due to renewed activity on high end Strip condos.