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October 25, 2014

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Home values increase slightly in Las Vegas

Image

Steve Marcus

Homes for sale are shown in the Villas at Black Mountain development near Horizon Ridge Parkway and Gibson Road in Henderson Wednesday, June 1, 2011.

Las Vegas home values kept rising last month at a small but steady clip, outpacing many other metro areas.

The Las Vegas Valley median home value rose to $120,262 in August, up 1.1 percent from July, according to a report today from Seattle-based real estate research firm Zillow. Home values were up nearly 5 percent from a year ago but down drastically — 61 percent — from their peak in April 2006.

Several metro areas tracked by Zillow saw home values slip last month, including Atlanta (-1.5 percent), Chicago (-0.7 percent) and New York (-0.3 percent). Home values nationwide fell by 0.1 percent, to $152,100.

Besides Las Vegas, other regions with rising home values last month include Phoenix (up 1.6 percent), Denver (0.8 percent) and Los Angeles (0.4 percent).

Meanwhile, Las Vegas’ median home-rental rate, $1,163 per month, was flat in August as compared to July. However, it was down 2.4 percent from a year earlier.

Rental rates nationally rose to $1,280 per month in August, up 0.2 percent from July, says Zillow.

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