It's getting more expensive to purchase a home in southern Nevada, and that's good news.
From March of 2013 to March of this year, home prices are up more than 21 percent.
"It's great news," said Iddo Gavish with Gavish Real Estate.
In the past year, the median price of a home in southern Nevada went from $161,000 to $195,000.
"People who weren't able to sell their home before and need to move up or move down because of a family situation are able to sell their home because there's equity, and they're able to take advantage of that," Gavish said.
The Greater Las Vegas Association of Realtors said the uptick is due to a shortage of inventory. However, more houses are starting to become available.
Gavish said the value of homes in Green Valley and Summerlin increased dramatically.
The price increase is good news for those who are underwater. In parts of Boulder City, for example, home prices have risen 46 percent in the last three months.
"Someone who was short in January, they were doing a short sale, they were upside-down. That property just went up 46 percent on average. Chances are very good they're no longer underwater," Gavish said.
Gavish said patience is key, and for now he'll celebrate southern Nevada's rebounding housing market.
"Long story short on all of this, median prices have gone up, which is great news for our Valley," he said.
Copyright 2014 KVVU (KVVU Broadcasting Corporation). All rights reserved.
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