Surge in Las Vegas’ Home Prices Outpaces Nation’s

The accelerated growth rate for home prices could spark a new trend as homebuyers will look to acquire property before the phenomenon drives average prices out of their budgets. Developers and home builders will also most likely once again look to the Las Vegas market and try to create as much housing stock as possible, in order to cash in on the growth.

In the latest sign of the Las Vegas housing market’s recovery, home prices appear to be rebounding. According to data cited by the Las Vegas Sun, the average home price in the Las Vegas area could hit $250,000 by the end of the year. That projection is based on a median sale price of $239,000 for the month of April.

The local rise is part of a nationwide surge that culminated in a 12.1 percent increase from April 2012 to April 2013, the strongest year-over-year performance for any month since April 2006, according to The Las Vegas Review-Journal.

Moreover, Las Vegas is outpacing most of the nation; home prices in the area rose 20.9 percent in March, behind only Phoenix (22.5 percent) and San Francisco (22.2 percent).

Nevada, as a whole, recorded a 24.6 percent increase in home prices, the highest year-over-year jump in the nation, CoreLogic reported. Rounding out the top five states were California (19.4 percent), Arizona (17.3 percent) Hawaii (17 percent) and Oregon (15.5 percent).

The accelerated growth rate for prices could encourage prospective buyers in the Las Vegas market to seek out homes before prices are out of reach. Developers are likely to step up their efforts in order to meet the demand.

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