Rising Las Vegas home prices hit ‘nice milestone’

Fafie Moore, left, a Realty Executives owner/broker, and Realtor Helen Riley look over the backyard of a home being offered for sale in Henderson on April 8, 2013.

Las Vegas housing prices inched up last month to the highest level in almost six years.

The median sales price of previously owned single-family homes in Southern Nevada in July was $200,000, up 0.1 percent from June and 11.1 percent from July 2013, according to a new report from the Greater Las Vegas Association of Realtors.

That’s the highest since August 2008, when the median sales price was $210,000.

Hitting the $200,000 mark again is a “nice milestone,” GLVAR President Heidi Kasama said.

“This tells you how far we’ve come back from the depths of our downturn a few years ago, but also how much room we have before home prices in our area get back to where they were at their peak,” Kasama said in a news release.

During the bubble last decade, home values grew bloated and out of control, with the median sales price peaking in June 2006 at $315,000. After the economy collapsed, the housing market hit bottom in January 2012 with a median of $118,000, according to GLVAR data.

The market rebounded as investors, many backed by Wall Street funds, bought cheap homes in bulk to turn into rentals, although such buyers have been cutting back on local purchases due to the rising prices they helped create.

Real Estate