Southern Nevada home prices up in 2015 - FOX5 Vegas - KVVU

Southern Nevada home prices up in 2015

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The Greater Las Vegas Association of REALTORS released statistics on Tuesday that show Southern Nevada home prices have risen more than 8 percent in the past year.

Despite a 2 percent drop from December to January, GLVAR reported that the median price of a home is still up 8.1 percent from one year ago with a price tag of $200,000. The current $105,000 median price of local condominiums and townhouses is also a 10.5 percent increase from one year ago.

“January is typically a time when we see local home prices and sales slow down, so this month's statistics are no surprise,” GLVAR President Keith Lynam said. “What's more relevant to us is how we're doing compared to the same time a year ago, and compared to last year, home prices are still rising.”

Southern Nevada home prices bottomed out in January 2012 when they hit a median of $118,000. Prices rose about 24 percent throughout 2012 and 2013, but during 2014 the increase was roughly 10 percent.

“Home prices are still rising, just at a more gradual pace than they did in the past few years,” Lynam said.

In January, 9.7 percent of all local sales were short sales, which was down from 17 percent in January 2014. Lynam believes that short sales could increase in 2015 if Congress continues to extend the Mortgage Forgiveness Debt Relief Act of 2007.

If Congress doesn't vote to extend the act through 2015, any amount of money a bank writes off as part of a short sale may become taxable when sellers file their taxes.

GLVAR also said that the number of cash paying home buyers has decreased dramatically, suggesting that fewer investors have been buying local homes.

Despite the changing market, GLVAR reported that the median price of bank-owned homes and homes sold as part of a short sale has remained relatively steady.

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