(Las Vegas, NV) — With Las Vegas home prices rising yet again in December, the Greater Las Vegas Association of Realtors says the area ended last year in positive territory.
As for prices, GLVAR reported the median price of single-family homes sold in December was $149,000, up 2.1% from $146,000 in November and up 24.2% from one year ago. Local home prices haven’t posted this kind of appreciation since at least 2004.
The group’s new president, David Tina, tells KXNT the statistics through December 2012 show a dramatic transition from foreclosures to short sales in Las Vegas and that the percentage of existing homes sold as part of a short sale set a new record in December, accounting for 45.8% of all sales.
Foreclosures, which made up more than half of all sales a few years ago, accounted for only 9.5% of all sales in December 2012.