Home prices move slightly higher in Las Vegas

The median price for both new and existing homes rose incrementally in July from the previous month, a hint that the housing market has flattened out in Las Vegas, a local analyst said.

New home prices inched up to $210,000 from $209,000 in June, while resales went to $124,900 from 124,000, Las Vegas-based SalesTraq reported Wednesday. Prices are down 21.6 percent and 40.5 percent, respectively, from a year ago for new and existing homes.

Resales also remained strong with 4,675 recorded closings in July, the fourth consecutive month of more than 4,000 sales. They’ve increased 42.6 percent from the same month a year ago.

Nearly 60 percent of existing home closings were bank-owned homes with a median price of $112,000, SalesTraq reported. The remaining transactions had a median price of $140,000.

One, two or even three months of data do not make a trend, Steve Bottfeld of Marketing Solutions said.

“Still, July appears to give some credence to the idea that residential real estate is beginning to recover in Las Vegas,” he said.

Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.