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Las Vegas housing market improves in April

May 25, 2012|By Alejandro Lazo
  • A foreclosure sign is seen in front of a bank-owned home for sale in Las Vegas.
A foreclosure sign is seen in front of a bank-owned home for sale in Las Vegas. (Robyn Beck/AFP/Getty Images )

A new report shows Las Vegas metro area prices rose year-over-year in April for the first time since June 2010.

The median home price for the region was up 2.5% from April 2011 and 4.3% from the prior month to hit $119,000, according to research firm DataQuick of San Diego. The median is the point at which half the homes in the area sold for more and half for less.

It was the first year-over-year gain in nearly two years. Last time the median was rising year over year, sales stemming from a popular tax credit were peaking. Sales and prices fell once the boost from that tax credit evaporated.

These days, a lack of homes on the market appears to be putting a floor underneath prices. Sales last month were lower than what is typical for an April, according to DataQuick. A total of 4,409 new and previously owned homes and condominiums sold last month, down 12.2% from the prior month and a 1.8% decline from a year earlier.

Foreclosures have been popular properties for investors. Last year, the state passed a law making it more rigorous for banks to begin foreclosure proceedings on troubled borrowers.

RELATED:

Negative equity remains a drag on housing market

Freddie Mac: 30-year mortgage rate down a tick at 3.78%

Mortgage-aid revisions paying off for lenders and some borrowers

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