LAS VEGAS — A report by a Las Vegas housing research firm shows home prices reached a new high in October as the number of lower-priced options remain sparse.
The Las Vegas Review-Journal reports a Home Builders Research report indicates the median sales price of homes in October was about $356,000, increasing by 6 percent from last year.
The report shows the median sales price for five of the last six months has been above the peak reached in August 2007.
Builders sold 746 new homes in Clark County in October, totaling 7,392 so far this year. The sales are up by more than 14 percent from the same 10-month period last year.
Researchers say there is high demand for homes costing less than $250,000, but the supply is low.
Information from: Las Vegas Review-Journal, http://www.lvrj.com