LAS VEGAS (AP) - A trade group report indicates that home prices in Las Vegas are continuing to climb and could reach the pre-recession peak this year.
The Las Vegas Review-Journal reports the median sales price of single-family homes was $295,000 last month, a 2.1 percent increase from April and an 18 percent jump from May 2017.
According to the report from the Greater Las Vegas Association of Realtors, 3,140 single-family houses traded hands, increasing by 9.1 percent from April but falling by 10.7 percent from the previous year.
The median sales price of homes previously peaked in mid-2006 at $315,000 and bottomed out in early 2012 at $118,000.
Association President Chris Bishop says the home prices could reach the previous peak “sometime later this year.”
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Information from: Las Vegas Review-Journal, http://www.lvrj.com
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