UNLV report finds Vegas home prices rising - FOX5 Vegas - KVVU

UNLV report finds Vegas home prices rising

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LAS VEGAS (FOX5) -

A new report by the UNLV Center for Business and Economic Research (CBER) suggests the Las Vegas housing market is steadily improving.

The report says housing prices have risen by nearly 6 percent so far in 2012 and will continue to increase in the coming years. Nationally, housing prices have increased by roughly 4.4 percent.

Las Vegas home prices bottomed out in January of this year in the wake of the economic decline. Homes were affordable in the 1990s and early 2000s, leading to Nevada's population increase. That trend came to a halt in 2006 when housing prices rose by 231 percent. From 2007 to 2012, prices fell by 61.1 percent.

"Right now, Las Vegas housing is a very good deal," said Stephen Brown, CBER director and author of the report. "Nevada housing is more affordable than the national average. Although we tend to think of low housing prices as indicative of a depressed market, low housing prices will help the Las Vegas economy grow."

To view the complete report, click here.

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