for sale

For sale sign is seen in this undated file photo. (FOX5)

LAS VEGAS (FOX5) -- Housing prices in the Las Vegas Valley have continued to increase more than 7% over the past year, according to a new study.

According to the study done by S&P Core Logic Case-Schiller, home prices have gone up 7.1% from April 2018 to April 2019.

Home sales across the country fell nearly 8% last month, despite lower mortgage rates.

Experts at the Greater Las Vegas Association of Realtors said right now, the Las Vegas market is not only great for sellers, but those looking to buy as well.

"If you want to sell your house, its a great time to sell your house. If you're looking to buy more properties are coming on the market, so there's a better choice for you to find that right house for you," interim GLVAR president Thomas Blanchard said.

Across the valley there has been new development along with the high demand of homes in the area.

"Everybody's building -- builders do a great job of where to build and they're building all throughout Las Vegas," Blanchard said.

Blanchard said the growing sports market has had little impact on the area's home prices.

"We haven't really seen anything that we can actually make a real correlation with that. But no matter what its a great things to have the Raiders coming to have the Knights here," Blanchard said.

Southern Nevada median home prices have consistently stayed at $300,000 for the past three months, according to the report.

This number peaked in 2006 at $315,000, before plunging to the lowest level post-recession in 2012 at $118,000.

"It's great to see the median price range stay sort of stable so people's income can help sort of catch up and be able to buy a better house or bigger house whatever the case may be," Blanchard said.

The valley has also seen a dramatic increase in townhouses and condos being built for the first time in years, which has increased condo sales 1.9%.

Copyright 2019 KVVU (KVVU Broadcasting Corporation). All rights reserved.

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