LAS VEGAS (FOX5) – Home prices in the valley are on the rise for the eighth month in a row, which is considered the longest run of increases since 2004.
The Greater Las Vegas Association of Realtors, or GLVAR, says the prices have the potential to keep increasing or at least stay steady because of the short supply of homes on the market.
The tight housing supply and a record number of short sales are factors for the increase in September.
For those looking to buy homes though, they are still having trouble. Buyers keep getting outbid on homes by investors.
Erin Phillips and her husband did a short sale three years ago. Now they can finally buy again but have already been outbid.
"I think we're hopeful but it's hard to keep that hope up, there's no way we're going to come up with that money to outbid an investor," Phillips said.
The GLVAR statistics show in September nearly 55 percent of homes were cash purchases.
The median price of a single family home was $140,000 last month. That's up nearly 1.5 percent from August and 13.5 percent from a year ago.
The median price for condos and town homes in September was about $70,000. That's up nearly 25 percent from the same time last year.
Existing home sales were down in September.
"We took more listings last month than we did sell. So we're adding little by little to the inventory," GLVAR President Kolleen Kelley said.
Kelley said it will be interesting to see how 2012 ends because home prices typically soften in the winter.
Out of September sales, 45 percent of homes sold were short sales which the GLVAR says is a record number for our area. That's up nearly a quarter from a year before.
Kelley said homeowners have been rushing to short sell because the Mortgage Forgiveness Debt Relief Act expires at the end of this year. That law forgives some taxes for short sellers.
As for bank-owned homes, foreclosures accounted for more than 13.5 percent of sales last month. That's down nearly 17 percent from August.
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This was drafted from an article posted by Elizabeth Watts and is published in www.fox5vegas.com To see the original article Click Here