The Las Vegas housing market ended 2013 in a big way, with major gains in home prices, according to the Greater Las Vegas Association of Realtors. Single-family existing homes were up 24.2% year-over-year in December, with a median cost of $185,000, while the median among existing multi-family homes was $96,000, up 26.3% from the previous year.
“Local homeowners should be happy with the strong appreciation we’ve seen over the past two years,” said Heidi Kasama, the association’s new president. “We haven’t seen increases like this since the middle part of the last decade. Like most housing experts, I expect to see more stable home prices in 2014.”
Indeed, home prices saw smaller increases over the latter part of 2013 — December was up only 1.1% over November. The early part of 2013 saw monthly gains as high as 6%.
Along with home prices, inventory is also up with available single-family listings up 78.6% year-over-year and condos and townhomes up 33%.
Both inventory and prices are still well below peak levels. At their highest in June 2006, the media home price was $315,000, reports the LVRJ, and inventory is still less than half of the six-month supply of a normal market.