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Average price per square foot for Las Vegas NV increased 20.7% year over year

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Average price per square foot for Las Vegas NV was $111, an increase of 20.7% compared to the same period last year.

The median sales price for homes in Las Vegas NV for Dec 13 to Mar 14 was $166,000 based on 3,791 home sales.

Compared to the same period one year ago, the median home sales price increased 11.4%, or $17,000, and the number of home sales decreased 39.4%.

There are currently 6,175 resale and new homes in Las Vegas, as well as 8,904 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.

The average listing price for homes for sale in Las Vegas NV was $357,587 for the week ending Mar 26, which represents an increase of 2.6%, or $9,029, compared to the prior week.

Popular neighborhoods in Las Vegas include Las Vegas and Summerlin and Southern Highlands, with average listing prices of $256,715 and $335,471.

Mortgage applications decreased 1.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 28, 2014.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) was unchanged at 4.56 percent, with points increasing to 0.31 from 0.29 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.