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Thursday, June 20, 2013

Home Values in Las Vegas Jump 28 Percent, Highest Among Large U.S. Cities

From the article:
Las Vegas home values are rising faster than any other major metro area, though at least one analyst expects things to cool down nationwide. The valley’s median home value in May was $146,400, up 28 percent from a year earlier, according to a new report from Seattle-based Zillow. That was the highest year-to-year percentage jump among the 30 largest regions covered in the report.
“Enjoy it while it lasts, because the housing market will undoubtedly look very different a few years down the road from how it appears now,” Zillow chief economist Stan Humphries said in the report. And, in an apparent reference to flippers, Humphries said buyers who are “in it for the short term could get burned if they assume home values will continue rising as they have unabated.”
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