VEGAS INC archives
Home prices kept climbing in Las Vegas last month but remained well below the prices of the hyper-inflated boom years.
The median price of a previously owned single-family home sold in Southern Nevada in May was $170,000, up 33 percent from $128,000 a year earlier, according to a report out today from the Greater Las Vegas Association of Realtors.
In the report, GLVAR President Dave Tina said he doubts home prices will keep rising at the current pace, but he added that prices could still jump in the near future.
He also noted that median home prices peaked locally in June 2006, at $315,000.
Last month, 32 percent of the housing transactions were short sales. Another 10 percent were sales of bank-owned properties, while the remaining 58 percent were the traditional sales between a buyer and a seller, with no lenders calling the shots, the GLVAR reported.