Home prices are soaring in this current sellers market and home inventory is still up, even though there have been some slight variances. In an extreme seller’s market, 0-3 months of inventory is the norm, with very high appreciation. Extreme buyer’s markets see 12 months or more for inventory sales, with high depreciation. A balanced market generally falls somewhere in between at 6-9 months of inventory, with slight depreciation of properties.
Home prices are continuing to rise, regardless of the number of home sales in certain sectors. In the current extreme seller's market climate, zip codes in and around the Las Vegas area can be an implication as to what areas are experiencing the most home sales. 89052 (Henderson, NV) has seen high numbers of home sales in October 2013, at 99 sold at a median price of $300,000. 89178 (near Enterprise, NV) came in at on average 68 home sales for 3.35 months of inventory. Prices in this area mark at $216,500. While home sales are slightly less in this area (for example), the home price has risen. The 89005 zip code (Boulder City, NV) showed 13 homes sold after 4.92 months of inventory, Overall, home sales are up significantly quarter-over-quarter from just a few months ago, and home prices are continuing to rise at rapid rates.