ZZZ - GMG - Construction Las Vegas 2014-2015

Fall 2014 - Construction Las Vegas

Construction Las Vegas - Greenspun Media Group

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70 CONSTRUCTION LAS VEGAS ASSOCIATION PROFILES e Greater Las Vegas Association of Realtors recently reported that the median price of homes sold in Southern Nevada is holding steady at $200,000, while fewer buyers are paying cash for local homes. e median price of single-family homes sold through GLVAR's mul- tiple listing service during August was $200,000, up 9.9 percent from one year ago. at matched the price in July, which marked the rst time since August of 2008 that GLVAR reported local single-family home prices hitting the $200,000 mark. Meanwhile, the median price of condominiums and town homes sold in August was $105,000, down 0.9 percent from $106,000 in July, but up 14.8 percent from one year ago. "A er appreciating at a fairly rapid rate for more than two years, local home prices have been leveling o lately," said GLVAR President Heidi Kasama, a longtime local Realtor. "It was only a matter of time before we stopped seeing home prices rise by double-digit percentages." GLVAR's median local home price is up from a recent low of $118,000 in January 2012. GLVAR said 32.1 percent of all existing local homes sold in August were purchased with cash. at's near a ve-year low and well short of the February 2013 peak of 59.5 percent. Kasama said local home sales so far in 2014 are running about 13 percent behind last year's pace. e three-month supply of avail- able properties is about half of what Realtors consider to be a balanced market, she added. For more of GLVAR's housing market report, visit http://bit.ly/ LasVegasRealtorNews. GREATER LAS VEGAS ASSOCIATION OF REALTORS lasvegasrealtor.com 1750 E. Sahara Ave. Las Vegas, NV 89104 702-784-5000

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