Las Vegas-area home prices have recovered from their one-month dip.
A report shows September new home sales in southern Nevada slowed down, but are still higher than they were last year.
Year to Year, up 29%
Las Vegas home prices keep rising, with the median sale price of a single-family home hitting $182,000 in August.
High demand and low inventory drove Las Vegas home prices up in May.
U.S. home prices soared 12.1 percent in April from a year earlier, the biggest gain since February 2006, as more buyers competed for fewer homes.
Foreclosures are decreasing across the country and bank reposessions are at a 65 month low. Locally, the trend is moving in the opposite direction.
Although Nevada is still one of the top five states where foreclosures are a relatively high percent of all mortgaged houses, the nation’s inventory of homes in foreclosure is down.
U.S. home prices jumped 10.9 percent in March compared with a year ago, the most since April 2006. A growing number of buyers are bidding on a tight supply of homes, driving prices higher and helping the housing market recover.
Foreclosure rates in Las Vegas decreased for the month of March over the same period last year.