Las Vegas Median Real Estate Prices – Surprises!

Reduced Inventory Levels Result in Stabilizing Home Values.  Greater Las Vegas area home prices remain stable through the first half of 2010.  With our inventory levels  remaining below 5 months for properties with no accepted offers, the principles of supply and demand suggest our prices should be increasing.  Not so as current appraisals  continue to submarine the recovery of prices in the Las Vegas and Henderson markets.  The good news is there are enough cash transactions in the market help prop up the market prices and our market shows some stabilization.  Going back 12 months, the median price of a detached house is the same in 2010 as it was in 2009 in the broad market.  In the Average Joe market, there are deviations from 1500 to 2500 square feet houses, but subtle.  All trend lines show a flattening price trend. 

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