Report: Las Vegas home resale prices remain stagnant

Copyright Getty Images Photo by: Luke Sharrett A "For Sale" sign stands in front of a house in Miami, Florida, U.S. on Monday, June 15, 2015. Existing home sale numbers for May are expected to be released on June 22, 2015. Photographer : Luke Sharrett / Bloomberg

LAS VEGAS (AP) — A new report says Las Vegas home values aren’t appreciating as they have been in recent years, and a reversal doesn’t seem to be on the horizon.

The Las Vegas Sun reports a report released this week by John Burns Real Estate Consulting shows that Las Vegas had a year-over-year resale deceleration of 11%, just behind three other West Coast cities. That places Las Vegas fourth among U.S. metro areas with the sharpest deceleration in home resale prices.

The deceleration rate compares price appreciation today compared to a year ago.

In Las Vegas, the median sale price for an existing home has been hovering around $300,000 for several months after approaching that level late last year.

Greater Las Vegas Association of Realtors president Janet Carpenter says home prices are flat.

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Information from: Las Vegas Sun, http://www.lasvegassun.com

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