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Home Sales, Prices Up; Inventory Rises

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Another grab bag of results on the housing front, as home sales and prices rebounded slightly from January to February, 2011.  At the same time, the inventory of homes for sale increased to just over twenty-two thousand, the Greater Las Vegas Association of Realtors reported today.

Realtors sold 2,591 single-family homes during the month, which is a 3.3 percent increase from the previous month and 8.4 percent increase from February 2010. The median price was $128,000, down almost 6 percent from a year ago.

Housing analysts continue to predict further declines in valley home prices as foreclosures and short sales continue to dominate the market.

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