Vegas home prices continue to rise - FOX5 Vegas - KVVU

Vegas home prices continue to rise

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Buying a home in southern Nevada is like grabbing a bite to eat.

"The greatest part is that when you used to go to a restaurant last year, you used to walk in and eat. Now if you don't get a reservation, you are waiting in a line," said Dave Tina, president of the Greater Las Vegas Association of Realtors.

Right now, the median price tag for a single family home is $167,000, but that amount could soon go up as the housing market is slowly rising.

"We did hit bottom, so everyone that was waiting started buying. What happened then with low interest rates at 3.5, everybody bought and we created an inventory shortage," added Tina.

Dave Tine with the Greater Las Vegas Association of Realtors says people began purchasing homes last year. That's when prices were so low and demand was so high, prices went up.

"Planned communities like Summerlin and Green Valley have a large inventory. The great thing with Vegas is the builders have doubled what they built last year, so a lot of out buyers are buying new homes," added Tina.

Construction is slowly coming back as applications for building permits have also increased. One UNLV data analyst says the good news also brings concerns.

"There is a lot if competition out there among home buyers. There are investors trying to make profit from flipping a house or putting it up for lease and first time home buyers have to compete with that," said Luis Lopez, data analyst for UNLV's Lead Institute of Real Estate Studies.

According to the GLVAR, 61 percent of homes are taken off the market within the first 30 days. With just under 14,000 units in Las Vegas available for purchase last month, realtors say the best time to buy or sell is now.

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