Home Prices Surge in Las Vegas

In July, the median price for single-family homes, as measured by the Greater Las Vegas Association of Realtors, jumped 35.5% year-over-year to $180,000. Since home prices fell to $118,000 in January 2012, they have increased faster than anywhere else in the country. Still, the city’s housing market has some ground to cover before reaching its pre-recession peak of $315,000. The median price for a condo also increased 37.6% year-over-year to $91,500, driven by several high-rise condo sales in the expensive Las Vegas Strip.

New home sales for the first half of 2013 totaled 3,570, an 80% increase year-over-year. Supply picked up as well, as 616 units were completed in June, representing a 65.1% increase year-over-year.

Read the full article at Las Vegas Review Journal