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Las Vegas home prices on the increase
10 Jul
Home prices in Las Vegas have been boosted in June, following three months of less-than-optimistic figures.

The Greater Las Vegas Association of Realtors revealed that existing single-family homes sold in South Nevada through its Multiple Listing Service (MLS) registered a median price of $304,000 in June. This figure registered a 4.8% increase from the $290,000 seen a year prior.

Additionally, local condos and townhouses sold in June recorded a median price of $177,900, 6.5% higher than in June 2018.

Janet Carpenter, GLVAR President in 2019, said: "It's normal for home prices and sales to increase this time of year, though prices only went up slightly and we actually sold fewer homes this June than last June. Overall, I think the takeaway from this month's GLVAR report is that the local housing market is surprisingly stable. In fact, this is probably as stable as the local housing market has been in nearly two decades."

Carpenter said that sales have decreased too this year when compared to the past few years. Existing local homes, condos and townhouses sold totalled to 3,626 in June 2019.

According to GLVAR, cash was used to purchase 20.2% of all local properties sold in June, compared to 22.9% a year ago. It is also far lower than the 59.5% seen in February 2013, suggesting cash buyers and investors are less popular than they used to be.

The monthly statistics shared by GLVAR are based on data collected through its MLS, which as the World Property Journal reports, may not include newly constructed homes sold by local builders or homes for sale by owners.

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