Home Prices Rise in December

Home Prices Rise in DecemberMedian price of homes sold last month peaked at just over $204,000. This is an increase of 1% from the previous month and an overall 10% increase from this time last year. Although home prices are on the rise, which is a good sign for many home owners, GLVAR claims the market getting back to the peak of June of 2006, where single family homes were worth roughly $315,000, is still a long ways away.

Nevada still remains 35.7 percent below the per-recession peak, which is the largest decline in the nation. In January of 2012, the price of homes fell to $118,000. But after another solid year of recovery, further gains are expected for 2015. Population growth is a key factor, with Nevada being the 2nd fastest growing state in the country. And with home values stabilizing, fewer investors are trying to flip properties hoping for a quick turnaround profit. This means the average home buyer will have less competition and many more options in their choice of home.