According to a recent report from DataQuick, home prices in Las Vegas increased for the sixth-straight month during December.
The real estate data firm indicated that median home prices in the city rose to $115,000 in the wake of a surge of buyers purchasing homes for sale in Las Vegas for less than $200,000.
Meanwhile, in December, the report noted that there were 4,823 transactions of both new and existing homes throughout the city. This is 8.1 percent higher than the sales rate recorded in November and 3 percent above home sales reported in December 2010.
A high level of distressed properties throughout the city is believed to be a major factor behind the recent spike in sales. These low-priced properties are making homeownership more affordable for many buyers who were previously locked out the housing market at its peak.
Additionally, a number of real estate investors have started pursuing opportunities to purchase distressed properties in bulk with the intention of converting them into rentals. Ideally, this trend would result in a drop in Las Vegas' high vacancy rate.
