LV home prices keep rising

Thursday, May 22, 2003 | 11:09 a.m.

Home building researchers agree Las Vegas home prices are rising -- but disagree on how much.

Larry Murphy, president of SalesTraq, reported this week that the median price for a new home was $201,960 in April, up from $189,017 in March. He said the median price of a resale home reached $163,000 in April, up from $160,000 in March.

Dennis Smith, president of Home Builders Research Inc., said his research shows the median price of a new home in Las Vegas was $199,822 in April, up from $187,535 in March. The median price of a resale home was $162,900, up from $161,000 in March.

The more than $10,000 jump in the median price of a new home can be attributed to sales of homes in very high price ranges that were recorded in April, Smith said. Smith said that before declaring average new home prices have reached $200,000, he will monitor prices to see if they trend upward for a few months.

Murphy attributed the difference in the numbers to research styles and where the information is gathered.

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