Home prices in the greater Las Vegas area were steady from July to August with the median price for a single-family home at $200,000.
The Greater Las Vegas Association of Realtors reported the median home price in August was up nearly 10 percent from the same month last year. Year-over-year, the median price is up 24 percent. The $200,000 median price first reported in July was the first time Las Vegas homes sold at that level since August 2008.
GLVAR even reported fewer buyers were paying cash for Las Vegas area homes. So what does this mean for the region’s battered and bruised housing market?
Heidi Kasama, president of GLVAR, said it was astonishing that prices increased 24 percent in the last year, but those figures were not sustainable, because of the need for some more housing inventory.
“It’s been a grind,” Kasama told KNPR. “It has been tough for everybody, people are still underwater, but far less than there were.”
But, Kasama said Las Vegas has become a "more stable market."
Michele Johnson, President & CEO of Financial Guidance Center
Heidi Kasama, president of the Greater Las Vegas Association of Realtors
Matt Kammeyer, owner of Five Star Real Estate
Danny Vegas, Las Vegas homeowner and business consultant