LAS VEGAS - Real estate professionals say the valley's housing market is recovering, but there is still room for improvement.
According to the Greater Las Vegas Association of Realtors, home
prices rose 24 percent in 2013. The median sales price of an existing,
single-family home sits at $185,000.
GLVAR says home prices rose 24.2 percent from December 2012 to December 2013.
Despite the large increase, home prices are still well below the
average from before the recession, when homes sold for approximately
During the recession, southern Nevada attracted numerous investors
who purchased and flipped homes. GLVAR president Heidi Kasama says that
"It's good to have investors in the market, but we don't want them
being the dominant force. We want home buyers. We want families in our
communities. We want steady growth, and that's a much better time for us
coming up," she said.
Kasama says foreclosures and short sales are also declining.
Additionally, GLVAR is working with Congressional leaders to expand
the Mortgage Debt Relief Act, which expired December 31, 2013. The
federal program protected homeowners who lost their property in a
foreclosure or short sale.
Author:Ivy Beller Phone: 702-526-2298 Dated: February 2nd 2014 Views: 312 About Ivy: Over 14 years experience in residential sales, land, multifamily and commercial. I am currently the...
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