The Standard & Poor's/Case-Shiller 20-city home price index rose 6.7 percent in July from 12 months earlier. Of the cities included in the survey, Las Vegas placed best in the nation with a 12.8 percent annual gain. Sales of existing homes have been generally sluggish over the past year in the Las Vegas Valley, in large part due to the larger housing inventory we are now seeing as compared to a year ago.
According to the National Association of Realtors, there are 2.3 million homes on the market nationwide - up 4.5 percent from a year ago. More of the homes for sale are also being listed by regular homeowners rather than as a result of foreclosure. In Nevada alone, the number of homes for sale has jumped by 46 percent.
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Photo: LYNNE SLADKY