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GLVAR: Home value prices going up; Las Vegas valley still recovering from the recession |

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GLVAR: Home value prices going up; Las Vegas valley still recovering from the recession

LAS VEGAS (KLAS) — Home values are once again going up, according to the Greater Las Vegas Association of Realtors. With that said, experts also say the Las Vegas valley is still recovering from the recession which hit our housing market harder than anywhere in the country.

So far, the recovery period has taken about seven years. The price jump in the housing market is not like what valley residents saw before the recession. But experts say the slower pace is good.

During the recession, foreclosure signs could be seen all around the valley. A desert underwater, after the housing bubble, burst during the Great Recession. But now, as more and more new homes pop up, home prices are trending up as well.

“It’s not to the level that we saw before we had the crash, and I don’t think we’ll ever see that level again; hopefully not, because that was too much,” said Tom Blanchard, president-elect, GLVAR.

According to Blanchard, the less-volatile market is a good thing. The median home price in the valley held steady at $300,000 for three consecutive months. It’s up to $304,000 now.

“The health of the market is great, you know,” Blanchard said. “We’ve seen a little bit of an increase on the median price range, from $300,000 to $304,000 you know, it’s to be expected to go up and down a little bit during a stable market.”

However, prices are still not quite where they peaked in 2006 when the median home was going for $315,000.

Blanchard says he doesn’t see any red flags popping up in the next 12 months. But he does see a more predictable market less susceptible to wild swings.

“I don’t see anything in the near future that’s going to stop us from the current little step forward; a little step back, everything seems to be going really, really well,” Blanchard said.

Local economist predicts about a potential slowdown toward the end of 2020, though it’s not expected to be anything like what was seen a decade ago.

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