Las Vegas housing market shows signs of recovery

LAS VEGAS - The Las Vegas real estate market appears to be rebounding. The median price of a single family home sold in Las Vegas in July was $200,000.

According to the Greater Las Vegas Association of Realtors (GLVAR), the median home price of $200,000 represents a milestone; it is the highest home price since the median price bottomed out at $118,000 in the summer of 2012.

Experts say Las Vegas likely will not reach its all-time high of $315,000, which occurred at the peak of the housing bubble in 2006.

Realtors say Las Vegas is moving in the right direction. If you are looking to sell, now is a better time than in recent years.

"We certainly have more builders (who) are building our new home communities, because demand has increased," said GLVAR president Heidi Kasama. "So, people feel comfortable in their jobs. They're feeling stable. They're going out and buying homes."

Commercial realtors say consumer confidence is spurring more growth, especially in the last year. They cite new projects such as the Boulevard Mall expansion.

New shops and restaurants are also coming to the District at Green Valley, and the much-anticipated Downtown Summerlin project is set to open in October.

These developments mean new jobs. Downtown Summerlin plans to hire approximately 2,000 new workers for its 200 stores.


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