Southern Nevada home prices were up 13 percent year-over-year in June. Las Vegas led price gains in June, according to the S&P CoreLogic Case-Shiller index . Seattle and San Francisco came in second and third, respectively. Locally, the median sales price of previously owned single-family homes in July was $290,000, up 11.5 percent from a year earlier.
Las Vegas home prices climbed in the Las Vegas Valley last year amid strong demand and plunging availability. The biggest price jumps were in older, more centrally located areas of the valley. Even with its damaged mailbox, peeling stucco, overgrown yards and obscene graffiti this North Las Vegas home’s value has shot up more than fivefold. For three years the highest median sales price has been $385,000 in Summerlin’s 89138 ZIP code. As the market heats up, some buyers are getting priced out of certain areas and are gravitating toward more affordable homes.
