Home Prices On The Rise in Nevada - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Home Prices On The Rise in Nevada

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New numbers show the Silver State's housing market continues to improve.

The analysis group Corelogic reports Nevada showed the second-greatest appreciation of home prices in the nation in December.

Statewide prices were up 15.3 percent year-over-year. Only Arizona saw a bigger increase at just over 20 percent. Here in Reno-Sparks, that number is 14.3 percent.

We sat down and talked with the President of the Reno/Sparks Association of Realtors about what this means moving forward. She says it always feels good when the market is going in the right direction.

"We have just seen a 28 percent increase in December in our pending sales," says Helen Graham. "And, pending sales ultimately turn into sold sales."

Graham says home inventory levels are on the rise as well. She says the demand is there, and the market is slowly and steadily improving.

But, don't expect it to return to the levels we saw five or six years ago. She says an annual increase in home value is usually about three percent.

"People really would like to see back to normal, being when we had double-digit gains in all of our property values," says Graham. "That wasn't real."

While Nevada and Arizona saw the biggest improvement, four states, Delaware, Illinois, New Jersey and Pennsylvania, actually saw home prices decrease year over year.

Written by Adam Rasmussen

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