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  3  Home Prices Increase in Las Vegas:

The number of homes sold on Multiple Listings dropped  for the 1st six months of 2006 declining 14% to 22,547 from 26,232, yet existing home prices have not collapsed, but have increased the 1st six months of 2006 by 7.1% over 2005.

Existing home prices have not collapsed.  they have come down to a more normal pace, especially compared to 40% to 50% Las Vegas experienced in 2004.

4,152 single family detached homes sold in June, 2006, down 24.3% from June 2005. 

The $337,250 medium price for June 2006 is up 17.2% from June, 2005, when the median price was $287,761.

Local analysts predict median price will continue to increase from 8% to 12% for the remaining 2006 due to continued pressure of Las Vegas job growth, construction costs and lack of buildable land.

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