Southern Nevada home prices increased in March and are now 30 percent higher than one year ago.
Strong demand and a tight housing supply are fueling the price increases, according to a report released Tuesday by the Greater Las Vegas Association of Realtors. The median price of single-family homes sold last month was $161,000 — a 7.3 percent increase from February.
The median price of single-family homes sold in March 2012 was $123,000.
The median price of condominiums and townhomes sold in March, however, was $80,150, a 2.3 decrease compared with February.
More than 55 percent of all homes sold in March were traditional sales, meaning with the homeowner as the seller rather than a bank.
“That tells me we’re getting back to a more normal housing market,” Dave Tina, the 2013 president of the GLVAR, said in a statement.
There were 3,642 existing local homes, condominiums and townhomes sold in March, which is 12 percent more than in February. But that’s down from March 2012 when there were 4,388 total sales.