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Tuesday, October 8, 2013

Run of Rising Las Vegas Home Prices Reaches an End

After two years of recovery and gradual prices gains in the Las Vegas housing market, things are beginning to cool off just a bit. According to a new GLVAR report, the median price of previously owned single-family homes sold last month was at $180,000, up 28.6 percent from 2012 and down 1.1 percent from this year in August. Home prices and sales are expected to slow and stabilize further as we head into winter, when transactions are known to slow during the holiday season.
This article also notes that buyers are presently ignoring more listings as overconfident homeowners attempt to sell for higher prices. GLVAR reports that 6,330 single-family homes were up for sale last month without having received any offers. This is a 13 percent increase from August, and a 61 percent increase form just a year ago. Although investors have played a major role in recovering the Las Vegas housing market by purchasing cheap homes in bulk, they are now scaling back on local buys as many sellers attempt to land heightened sale prices.

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