LAS VEGAS (FOX5) -- The housing market in Las Vegas is stabilizing for the first time in decades, according to recently released figures from the Greater Las Vegas Association of Realtors.
Real estate experts said in the past twenty years, the housing market has acted more like a roller coaster. Up one year and down the next.
“Local home prices are still appreciating compared to last year at this time, but at a rate more in line with historic averages,” said GLVAR President Janet Carpenter.
The change may be due in part to the exodus of Californians making their way to the greater Las Vegas area.
"My California buyers are just so impressed with the bang for your buck. That they can get a brand new 3,500 square foot home for what they sold their 1,200 square foot fixer-upper in Orange County," said Kendall Towers with Berkshire Hathaway.
GLVAR reported that the median price for a single family home in Southern Nevada is $305,000 dollars up from $295,000 dollars in August of last year.
Realtors say Inspirada master planned community in south Henderson is a hot spot for Californians moving to Southern Nevada.
"They're impressed -- they're moving here in mass and they're acclimating to the Nevada way of life," said Towers.
Californians who recently moved to Inspirada said they were drawn to the area by family, proximity to work and affordability.
"It's so much cheaper to live here and I think the tax base is where people want to be at as well.It's a gorgeous area, everyone seems nice and it's a lot cheaper to live here than California," said Inspirada resident Joe Allen.
"We moved out of California because it was just getting higher and higher to live. And we just wanted to find a more affordable place to live," said resident Terry Patrick Nebeker.
According to the new figures from the realtors association, the number of homes up for sale at the end of August without any offers is up 33 percent from last year.
However, experts said that is likely because buyers are not jumping at the initial listing price. Many are starting to negotiate the price and try to get a better deal. Yet another sign of a normalizing housing market.