Las Vegas housing market shows improvement in spring 2012

First-time homebuyers waiting for the Las Vegas housing market to improve before making a purchase are in for a treat. According to the latest research by ALTOSResearch, the houses for sale in Las Vegas have never been so affordable. The combination of an improving housing and economic market has given the metro-area the boost it needed.

The median price of a single-family detached home was $154,602 on May 13, 2012, according to the source. This figure is following an upward trend, as two months ago the median was approximately $135,000.

Simultaneously, as home values improved, the time the properties spent on the market decreased. The average property that sold in Las Vegas as of May 13 spent 166 days on the market. In contrast, on March 1, 2012, a home would have been listed for an estimated 173 days before it went through closing.

It is important to note that March was not an uncharacteristically bad month. DataQuick claims Las Vegas-area home sales rose to a six year high in 2012.