Published Tuesday, March 10, 2009 | 8:45 a.m.
Updated Tuesday, March 10, 2009 | 9:10 a.m.
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Las Vegas home sales edged up slightly in February, but nothing seems to stop falling housing prices, which have now fallen 50 percent from their peak.
The Greater Las Vegas Association of Realtors reported today that the median home price fell 2.7 percent in February to $155,603. That’s down from $160,000 in January.
Bank-owned properties account for at least three out of every four sales and those foreclosures continue to force home prices to fall, said GLVAR President Sue Naumann.
The $155,603 price paid in February marks a 50.6 percent decline from the peak of the market in June 2006 when the median price was $315,000, according to the GLVAR. The organization tracks only those single-family homes sales on the Multiple Listing Service.
There were 2,268 home sales in February, a 2.9 percent increase over January.
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