Las Vegas home prices rose faster than the U.S. average in June as gains nationally eclipsed income growth, creating affordability pressures for would-be buyers. Las Vegas homes prices rose 7.3% over last year's prices, higher than the national average.
There is currently a shortage of properties for sale, causing the prices to steadily rise at more than double the pace of average hourly earnings. Buyers are also relying on historically low mortgage rates to ease the affordability pressures.
Cheaper borrowing costs have kept buyer demand strong despite the price increases.
Prices are likely to keep rising, said David Blitzer, chairman of the index committee at S&P Dow Jones Indices.
If you are thinking about purchasing a new home, the sooner, the better, to avoid continued price increases.
To check out homes for sale in Las Vegas, Henderson, and North Las Vegas, go to www.LasVegasHomesForSale.me