Average valley home sale prices climbed to $159,466 in April, up 4.9% from the previous month, reports the Greater Las Vegas Association of Realtors (GLVAR). It marks the third straight month that sale prices have increased due, in part, to a shrinking inventory. AB284 took effect in October, requiring lenders to prove they have all the necessary documents in place before proceeding with a foreclosure. The new law has dramatically reduced lender default notices and distressed home listings. “This is the first time in two years that we’ve seen local home prices go up for three months in a row,” said GLVAR President Kolleen Kelley. “It’s also the first time we’ve seen prices go up on a year-over-year basis since August of 2010.Home Prices Climb for Third Straight Month
Average valley home sale prices climbed to $159,466 in April, up 4.9% from the previous month, reports the Greater Las Vegas Association of Realtors (GLVAR). It marks the third straight month that sale prices have increased due, in part, to a shrinking inventory. AB284 took effect in October, requiring lenders to prove they have all the necessary documents in place before proceeding with a foreclosure. The new law has dramatically reduced lender default notices and distressed home listings. “This is the first time in two years that we’ve seen local home prices go up for three months in a row,” said GLVAR President Kolleen Kelley. “It’s also the first time we’ve seen prices go up on a year-over-year basis since August of 2010.
