Las Vegas home prices up, sales down in July

LAS VEGAS - Home prices in the Las Vegas valley rose, and home sales fell in July, according to the Greater Las Vegas Association of Realtors (GLVAR).

GLVAR reports 2,642 homes sold last month. That is a decline of 1.2 percent from June and down 10.2 percent from July 2013.

The median price of a home sold in the valley rose to $200,000 - an increase of 0.1 percent from June and 11.1 percent from last year. This is the first time the median price has reached $200,000 since 2008.

"It's a nice milestone to see our GLVAR median home price hit the $200,000 mark again," said GLVAR President Heidi Kasama in a statement. "This tells you how far we've come back from the depths of our downturn a few years ago, but also how much room we have before home prices in our area get back to where they were at their peak."

GLVAR, meanwhile, reported an increase in short sales for the second straight month. 


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