Housing market rebound: Median home prices up 7.5 percent

LAS VEGAS - The real estate rebound continues in and around the Las Vegas valley.  Compared to this time last year, prices are up about 7.5 percent, and so are the number of homes sold.

Pat Bockh has been searching for the perfect home for about a year and a half now.

"It's just a matter of numbers; keep looking," Bockh said.
 
Bockh moved to the valley area from St. Petersburg, Florida two years ago.  She rented during that time but has now decided she's ready to buy a home.

"The interest rate is still low, and the fact that the prices of the houses are going up, the bottom has definitely bottomed out, and it's going the other way," according to Bockh.

Bockh's observations are on par with other prospective buyers in the market, according to Scott Beaudry, the president of the Greater Las Vegas Association of Realtors.

There are a few factors that make the housing market somewhat of a buyer's market.

"Interest rates are great; the inventory's pretty good; we have a lot homes coming on the market, they're not in a big rush," said Beaudry.

With that said, the inventory numbers favor sellers right now.  There are about 7, 100 single family homes on the market.

"If we took no new listings, no new homes on the market, we would run out of inventory in about three months," said Beaudry.  "I would say a 6-month supply is more the norm."

However, there are still other signs that the market is strengthening.  Take the median home price.  It's in the $220,000 range right now.  That's up 7.5 percent from this time a year ago.

The steady increase is an incentive to buy sooner, rather than later.

"Now is definitely the time to do it, because prices are just going up and up," Beaudry said.

Homes are also selling faster.  Last year, 57 percent of homes in the valley were sold within 60 days of being listed.  This year, that number is at 61 percent.


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