The median price paid for a home in Las Vegas rose 24 percent in the one-year period ending in February, according to real estate data company DataQuick, San Diego.
The company reported that the February rise marked the 16th consecutive month that the Las Vegas area median home price posted an annual gain of more than 20 percent.
Yet the price gains may stem largely from a shortage of homes for sale and the fact would-be buyers are seeing both credit and affordability challenges.
DataQuick reported that in February 3,230 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area. That was down by 19.6 percent from one year earlier. Total February 2014 home sales hit the lowest number for the month of February since 2009, when 3,127 homes were sold.
DataQuick noted that sales of newly built homes in February 2014 were 60.5 percent below the average for the month of February since 1994.
Las Vegas market buyers paid a median price of $180,000 for all new and resale houses and condos in February. That was up 1.5 percent from January's median of $177,300 and up 24.1 percent from the $145,000 median of February 2013.
February 2014's median sales price of $180,000 was 42.3 percent below the region's peak for its median sales price of $312,000, which was reached in November 2006.
The Las Vegas market has experienced year-over-year gains in the median sales price for the past 23 consecutive months, according to DataQuick. Those annual price gains have ranged from 1.7 percent to 35.3 percent.