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Home sales increase, prices drop in Las Vegas

Home prices in Las Vegas have decreased while home sales have increased.

Home prices in Las Vegas have decreased while home sales have increased.

The Greater Las Vegas Association of Realtors recently announced that 2012 began with the same trends seen in the end of 2011, with local home sales increasing compared with the same time last year and prices decreasing.

The housing market has shown glimmers of hope recently but remains a concern for many American homeowners, who are seeing their home values dip, while prospective home buyers are packing up and taking advantage of low prices in Las Vegas.

“We continue to sell existing homes at a record pace and at bargain prices,” said GLVAR President Kolleen Kelley, a longtime local Realtor who succeeded Paul Bell as president of the association on January 1. “Our statistics for January also showed that fewer homes were available for sale, especially bank-owned homes. At the rate we’re going, 2012 has the potential to be another record sales year.”

Kelley added that the same trends were seen in the southern Nevada housing market in 2011, which set a record for existing sales in a single year.

The U.S. Department of Housing and Urban Development also recently released statistics showing that the month of January produced mixed results from the housing market.