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Home Prices Continue Climbing

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(credit: Cameron Davidson/Getty Images)

(credit: Cameron Davidson/Getty Images)

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Email Tate at tate.south@cbsradio.com
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LAS VEGAS (AP) — Las Vegas home prices are climbing up for the fifth straight month in the longest upward streak since 2004.

Officials with the Greater Las Vegas Association of Realtors say Tuesday that the median price of a single-family home sold in June was nearly $132,000. That’s up 3% from May and 5.9% from a year ago.

The number of homes sold has dropped as prices rise. Realtors report 3,945 homes were sold in June, down 5.8% from May  and 11.4% from a year ago.

Realtors association president Kolleen Kelley says only time will tell whether the tight inventory and rising prices are artificial. She says it depends on whether banks continue to push short sales instead of foreclosures for homeowners in default.

Copyright 2012 The Associated Press.

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