New S. Nev. home sales up 41 percent in July

New southern Nevada home sales up 41 percent in July, but analysts say prices reaching plateau

Associated Press

LAS VEGAS (AP) -- Southern Nevada new home sales are up by double digits again.

A report from Home Builders Research shows 651 new homes were sold last month, up 41 percent from the previous July.

The median price of those homes was more than $266,000, up 37 percent from a year ago.

But the firm's president warned that buyers may be getting weary of the rapidly rising prices, and says it appears the market is reaching a price plateau.

He says southern Nevada builders pulled 509 new home permits in July, which is down 6 percent from July 2012.

They've pulled nearly 4,400 permits so far this year, up 28 percent from the same time period last year.

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