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Home Sales Prices Show First Increase Since 2007 | Housing

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Home Sales Prices Show First Increase Since 2007
Housing

LAS VEGAS -- For the first time in more than three years, there was a year-over-year increase in the median price of a home.

According to the Greater Las Vegas Association of  REALTORS a single-family home sold in Southern Nevada during April was $142,000. That's an increase of 4.4 percent from $136,000 in March and an increase of 0.2 percent from $141,720 in April 2009.

"We don't want to make too much of this just yet, but this is obviously good news for homeowners who want to see prices appreciate," said Rick Shelton, GLVAR president.

In April, 27 percent of all homes sold in Southern Nevada were short sales. Those sales continue to climb while sales of foreclosed homes is decreasing. In April, 43 percent of homes sold were in foreclosure as compared to 53 percent in February. Shelton said this shift is being supported by government efforts to encourage short sales over foreclosures.

The total number of local homes, condominiums and townhomes sold in April was 3,738. That's down from 3,989 sales in March and down from 3,925 one year ago.

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