Valley home prices on the rise: What's causing the uptick?

LAS VEGAS - Valley home prices are on the rise.  Zillow reports the median house price is at around $216,000.
However, the Greater Las Vegas Association of Realtors reports a median home price is closer to $238,000.  Both prices are increases.
Local realtors say houses between $200,000 and $300,000 are in hot demand.  They also say most sales these days are more traditional, meaning people who own their own home but are looking to move into a bigger house.

So, considering everything that happened when the housing bubble burst, one can't help but ask, 'are prices climbing too fast?'

Realtor John Nehme showed 8 News NOW a three bedroom house that had just gone on the market.
"You know a house like this (referencing the house) -- within its price range would probably take about 30-60 days to sell," Nehme said.

The home is listed at just over $285,000; that's right around the price a majority of Nehme's clients are looking to buy within.

"I tend to see people looking for houses in the $200-$300,000 price range; maybe up to $350,000 is a big bulk of the buyers," said Nehme.

Home prices are on the rise about 9 percent from a year ago, according to the Greater Las Vegas Association of Realtors.   Some owners are also now willing to sell and are getting more cash for their property.

"It's stable.  Stable is the new sexy," said Dave Tina, president of the Greater Las Vegas Association of Realtors.  "We've been having about an 8-10 percent growth year over year."

Tina says the pace of home prices going up is steady and healthy.

"Right now all the indicators are positive," according to Tina.  "They're positive from a population standpoint.  They're positive from jobs; just everything is looking good."

Tina also says it appears more areas of the valley are growing at the same time; from Henderson to the northwest where there is a lot of land that can be developed.

"I think the growth areas are obviously where the houses aren't," Tina said.  "So the northwest has great potential for growth.  Same thing for the southwest which is just starting to fill in and Summerlin keeps growing."

So what are potential home buyers looking for?

"People are looking for that three bedroom, two and a half bathroom home with a loft and a lot of open space."

Nehme expects the house he showed us to get plenty of offers in no time.

"We've been on the market for about three weeks and already getting a lot of interest and showings," he said.

Las Vegas also continues to be a top moving destination spot.  According to a survey released by Penske Truck Rental, southern Nevada is the eighth most popular place to relocate, and that's likely contributing to house prices going up as well.


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