Las Vegas home prices reach highest level since 2010
The median price on new and resold homes in Las Vegas increased 2.5% to $122,000 in May, the highest level since December 2010, according to DataQuick.
Prices also increased 4.3% from last year.
Distressed property sales, including REO and short sales, accounted for 53% of the market in may, down from 68% last year, a major drive behind the price growth.
The housing bust arguably struck Vegas the hardest. Prices dropped 60.9% from the peak of $312,000 in November 2006, DataQuick said. But in recent months, the market rose off the low point of $110,000 in January.
Roughly 4,800 new and resold homes closed escrow in Las Vegas, up 6.1% from the month before.
More than 500 newly built homes actually sold in May, notable for an area where some of the most rampant overbuilding took place during the housing boom. New home sales increased 33% from last year, the 11th straight month of annual increases.
Foreclosures continue to fall in the area after the state passed a new law in October requiring updated affidavits on filings. Servicers foreclosed on 905 homes in May, down nearly 30% from the month before and 76% below levels measured at the same point last year.
Servicers showed signs of adjusting. Notices of default increased 5% from April but remained 67% below last year.