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Las Vegas Area Home Prices Up 35%, but Still Far from Peak

Home prices in the Las Vegas area soared to the highest point in nearly five years while cash sales also reached record levels, according to ""DataQuick"":http://www.dataquick.com/.

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New and existing homes and condos in Clark County sold for a median price of $169,100 in June, representing an increase of 3.7 percent from May and a 35.3 percent jump from a year ago. Prices in the Las Vegas region have not been that high since December 2008, and the gain marks the 15th straight month of increases.

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According to DataQuick, the increase is the ""result of demand outweighing supply, a sharp drop in foreclosure resales and a big increase in mid- to high-end activity.""

In fact, foreclosure resales in June accounted for just 10.6 percent of resales, down from 31.9 percent a year ago, the data provide reported.

Meanwhile, lower-priced homes below $100,000 plunged 45.2 percent over the last year, while sales for homes priced between $200,000 and $500,000 shot up by 83.8 percent during the same time period.

Despite the significant improvement in prices, Las Vegas still has a long way from to go when compared to its November 2006 peak of $312,000.

Home sales were mixed for the month, falling 4.7 percent from May to June, but increasing 5.5 percent over the last year.

DataQuick also found the share of homes purchased with cash represented 60.1 percent of all purchases, up from 51.5 percent in June 2012.
The median price paid by cash buyers was $150,000 last month, up by 50 percent from $100,000 a year ago.

Flipping activity also increased, with 7.1 percent of sales representing flips in June, down from 5.8 percent last year.

About Author: Esther Cho

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