After a one-month dip, Las Vegas home prices are climbing again.
The median sales price of previously owned single-family homes in Southern Nevada last month was $185,000, up 3 percent from September and 32 percent from October 2012, according to a new report from the Greater Las Vegas Association of Realtors.
Prices had slipped 1 percent in September from August, marking the first time in almost two years that Las Vegas home prices fell from the previous month.
In a prepared statement, GLVAR President Dave Tina said he would not be surprised if home prices dip again this year, as “prices and sales usually cool off along with the weather.”
Las Vegas was ground zero for the housing crash last decade, but prices have been soaring at one of the fastest rates nationally this year amid limited inventory and strong demand from investors, who have been snapping up cheap homes to turn into rentals.