Las Vegas Real Estate Sales and Median Prices Continue To Rise

New home sales in the Las Vegas real estate market hit a record high of 29,248 in 2004, representing an increase of 4,018 (or 15.9 percent) over 2003, according to Home Builders Research. Even more impressive according to the research, was the total of 32,879 new Las Vegas home permits issued, representing an increase of 7,665 (or 30.4 percent).

President of the local housing research company, Dennis Smith, reports that the median price of new Las Vegas homes rose to $290,287 in the month of December 2004, an increase of 38.5 percent when compared to the same month in 2003. Smith predicts this median price for new Las Vegas homes to surpass $300,000 by the second quarter of 2005.

The median resale price for Las Vegas homes rose by 38.9 percent to $250,000 in December, an increase of $70,000 when compared to the same month in 2003.