Las Vegas Real Estate Market Status

The National Association of Realtors, found annual quarter-to-quarter gains in some markets hitting unprecedented levels in a survey, released September 2004 by the economics department. Las Vegas was at the Top of the list with a median resale price of $269,900 during the second quarter of 2004. That is a astounding 52.4 percent higher than the median price of $177,100 for a Las Vegas home during the same quarter of 2003. The 52.4 percent increase is the largest annual gain ever recorded by the NAR survey, which began in 1982.

NAR chief economist David Lereah said the Las Vegas metropolitan area had barely a 1.7 month supply of homes on the market during the second quarter, compared with an average 4.2 month supply for the nation as a whole. A serious shortage of inventory appears to have led to Las Vegas homes record-setting price jumps.