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Tuesday, Sept. 11, 2012 | 10:16 a.m.
Home prices in the Las Vegas area are up for the seventh month in a row, while the number of homes sold in August is significantly down from a year ago.
The Greater Las Vegas Association of Realtors reports Tuesday that the median price of a single-family home sold in August was $138,000, up about 4 percent from July and 15 percent from last August.
Realtors say it's the first double-digit annual price increase since 2005.
Association president Kolleen Kelley says the price increases come as banks are less willing to foreclose and are putting fewer homes on the market.
The group reports about 3,750 homes, condominiums and townhomes were sold in August, up from about 3,570 in July but down from last August's near-record of nearly 4,700.
What? No mention of the artificial increase in prices due to demand created by stopping of most foreclosures? Prices will crash when those homes flood the market.
They wont flood the market. This is the new norm. Clearly the inventory is being controlled by the banks. It will be a long time to get through
this with this strategy.
The bottom was already made! manipulated by the banks or not we are slowly moving forward. Recently a couple co-workers were closing new homes in the 250K range---shows what a bargain the foreclosures were the last couple years--the cost to build new homes is wwwwaaayyyy higher---as was the cost of materials to rehab the last foreclosure i bought--everything is 2-3 times higher in price. Everything except the properties themselves.--the low hanging fruit is gone now, but due to the high replacement costs, it won't be long before used home prices start to really move up--couple more years of bouncing along the bottom. I can hear all the usual whiners now "I wish i would have bought in 2010"