By Liz Clinger Updated on 7/2/2012

Las Vegas Home Prices Reach 2 Year Peak

According to DataQuick, Los Vegas median home prices reached an increase to $122,000 or 2.5% in May,  and also up 4.3% from the prior year, reaching its highest median price since Dec 2010 for new and resold homes.

Distressed property sales were down to 53% under last year’s 68% of the market, which is considered the biggest reason for price increases.

In November of 2006, home prices in Vegas reached a huge downfall of 60.9% while they were at their peak pricing of $312,000, eventually reaching a low of $110,000 which recently had been lifted in January 2012.

In May, close to 4,800 Las Vegas homes closed escrow, reaching a 6.1% increase over April. 500 of these homes were newly built homes. New home sales are showing an incline, with a 33% increase from 2011, and 11 months of consecutive increases.

Foreclosures are showing a decrease after a new law was passed in Las Vegas requiring up to date affidavits on filings. Only 905 homes foreclosed in May, close to 1/3 or 30% decrease from April and 76% down from May 2011.