Another month, another rise in Las Vegas home values
Las Vegas Valley home values kept soaring last month, far outpacing most of the country.
The region’s median home value was $151,600 in July, up 31 percent from a year earlier, according to a new report from Seattle-based housing data firm Zillow.
Las Vegas’ year-to-year growth rate was second-fastest among the 30 markets tracked in the report. Sacramento was first at 33 percent.
Nationally, home values rose 6 percent over the past year, to $161,600.
The market is expected to cool off in the coming year but remain strong. By July 2014, home values are forecasted to rise 11 percent locally and 5 percent nationally, Zillow said.
Las Vegas’ market has been fueled in large part by cash investors who, capitalizing on the housing bust, buy cheap homes in bulk to turn into rentals.