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Your house might be worth a lot more than you think. The Greater Las Vegas Association of Realtors announced Tuesday that home prices in the valley have jumped by a one-third since last year. In the month of May, the median home price went up $5,000 to $175,000. The sound of construction can once again be heard in the Las Vegas valley after being silent for the past five years. “In-fill locations are always difficult to find,” said Jeremy Parness, the president of Lennar Las Vegas. Lennar homes is one of the largest builders in Las Vegas. It has been sitting on parcels of vacant land for years waiting for the housing market to come back to life. The company has already sold 300 homes this year. “We definitely believe we’ve found the stable bottom and we’re starting to find the momentum of recovery,” Parness said. Lennar is seeing fewer investors buying homes and more families looking to make a commitment to a house. [Read this article]
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