Home Prices Continue 8-Month Rebound: Realtors Report

Continuing its turnaround, Las Vegas' housing market has recorded eight consecutive months of increasing prices, a trend fueled mainly by diminishing supply and a record number of short sales, the Greater Las Vegas Association of Realtors reported..

Continuing its turnaround, Las Vegas’ housing market has recorded eight consecutive months of increasing prices, a trend fueled mainly by diminishing supply and a record number of short sales, the Greater Las Vegas  Association of Realtors reported..

In September, 3,298 homes, condo units and townhomes changed hands—about 400 fewer than during the previous month. However, the median price increased 1.4 percent from August to September. Short sales accounted for 44.8 percent of transactions in September.

The uptick in pricing reflects a continuing contraction of supply, which declined slightly from 3,830 condominiums and townhomes in August to 3,805 in September. Last month’s figure also reflects an even more telling decline of 7.8 percent compared to Sept. 2011. Homes listed for sale with no pending or contingent offer also dropped 1.0 percent from the previous month.

According to Kolleen Kelley, president of the local Realtors’ chapter, the market should continue to improve provided that the lid stays on supply. “If you look at the asking prices of homes being listed for sale, they’re up across the board by double digits compared to this time last year,” she noted.