New home prices jump

Tuesday, Sept. 14, 2004 | 11:12 a.m.

The median Las Vegas Valley new home price again surged past the median resale price in August, after resale home prices were more expensive than new homes in July, Home Builders Research Inc. reported.

In August the median price of recorded new homes was $259,700, up from $238,957 in July and a year-to-year change of 26 percent.

There were 2,502 recorded new sales in August, bringing the 2004 total thus far to 18,847, an almost 23 percent increase year-over-year.

The median price of recorded resales in August was $250,000, up from $247,490 in July and a year-to-year change of 45 percent.

A statistical anomaly in July caused resale home prices to exceed new home prices because home resales typically take less time to close escrow. New home data, therefore, actually reflected prices from homes put on the market in early 2004.

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