Las Vegas home values kept rising last month at a small but steady clip, outpacing many other metro areas.
The Las Vegas Valley median home value rose to $120,262 in August, up 1.1 percent from July, according to a report today from Seattle-based real estate research firm Zillow. Home values were up nearly 5 percent from a year ago but down drastically — 61 percent — from their peak in April 2006.
Several metro areas tracked by Zillow saw home values slip last month, including Atlanta (-1.5 percent), Chicago (-0.7 percent) and New York (-0.3 percent). Home values nationwide fell by 0.1 percent, to $152,100.
Besides Las Vegas, other regions with rising home values last month include Phoenix (up 1.6 percent), Denver (0.8 percent) and Los Angeles (0.4 percent).
Meanwhile, Las Vegas’ median home-rental rate, $1,163 per month, was flat in August as compared to July. However, it was down 2.4 percent from a year earlier.
Rental rates nationally rose to $1,280 per month in August, up 0.2 percent from July, says Zillow.
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This was drafted from an article written by Eli Segall for www.lasvegassun.com To see the original article Click Here