When a new state law known as AB284 took effect last year, requiring lenders to show all the necessary documents before proceeding with a foreclosure, home sales have soared while the number of default listings as plummeted. Median single-family home prices consequently reached $123,000 in March, up 1.7% from the previous month, says the Greater Las Vegas Association of Realtors (GLVAR). Prices ticked-up as inventory tightened with fewer new listings and increased buyer activity. “Our inventory is really dropping,” said GLVAR President Kolleen Kelley. “Based on current demand, we’re looking at a six-week supply of homes on the market. This is making new homes more attractive and creating a window of opportunity for home builders.”
