Housing Prices Climb in Las Vegas | Housing
LAS VEGAS -- Just five years ago, Las Vegas was booming and in the midst of a housing bubble. But that bubble burst, leaving home prices plummeting. Now for the first time in years, housing prices are climbing again.
A new report shows Las Vegas is one of two cities that saw an increase in home prices in the U.S. in recent months.
"Las Vegas is a very dynamic market. When it was going up, it was news. When it's going down, it's news," said Dr. Nasser Daneshvary with UNLV's Lied Institute for Real Estate Studies.
Dr. Daneshvary just wrapped up a year long study on the local real estate market.
"I think the prices have bottomed out. It is the sign of things getting better, or at least being stable without going down," he said.
His focus was foreclosures, but says it's a positive sign that Las Vegas is one of two metro areas to post gains in monthly home sale prices.
"I am expecting in two to three years we get back to where we start seeing some appreciation -- two percent, three percent," he said.
Paul Bell is the incoming president for the Greater Las Vegas Association of Realtors. He says while it's a good start, he cautions not to get too excited about the numbers just yet.
"We always like to be at any top rankings for gains, particularly with the hardships we'd endured the past four years," he said.
He has been selling homes since 1990 and hopes the trend continues.
"There's more room for growth. I think the figures are conservative but fairly credible," he said. "We see one to two more years of seeing increasing amount of light at the end of the tunnel."
The Case-Shiller Index named Washington D.C. along with Las Vegas as the only two metro areas to post gains in monthly sale prices, compared to other larger cities like Los Angeles and San Francisco where prices dropped.