Jun 24, 2013, Posted by: Summer Bowen
Home values in Las Vegas are increasing faster than any other major metro area according to a new report by Zillow. In May the valley?s median home value was $146,400 which is up 28 percent from a year ago. This was the highest year-to-year percent jump compared to the 30 largest regions evaluated in the report.
The other major markets where home values improved over the past year include Sacramento (26.1 percent), San?Francisco?(24.2 percent),?San Jose (21.8 percent), and Phoenix (21.3 percent). Only one of the 30 metros covered in the report had home values decreased year-over-year which was St. Louis.
Nationwide home values have risen 5.4 percent year-over-year to $159,000 in May. Home values are predicted to raise another 4.1 percent by May 2014. Zillow anticipates the pace of appreciation will slow down as more sellers list their homes and builders increase construction. This will help?alleviate?the low supply of housing inventory.
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Source: http://www.marshallstearns.com/las-vegas-real-estate/home-values-jump-28-in-las-vegas/
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