LAS VEGAS (AP/CBS LAS VEGAS) — Home prices in the Las Vegas area haven’t changed from the previous month but are up 24 percent from last year as supply stays tight.
Officials with the Greater Las Vegas Association of Realtors said Friday that the median price for a single-family home sold in February was $150,000 — same as in January, but twenty-four percent higher than a year ago.
The number of existing homes, condos and townhouses sold in February was just over 3,200. That’s an increase from around 2,800 in January.
Realtors say low inventory comes as banks are more hesitant to foreclose, and homeowners are reluctant to sell their homes for less than they paid for them.
But agents say higher prices are prompting more traditional sellers to close deals, instead of lenders selling foreclosed or short-sale homes.
GLVAR President Dave Tina says traditional sales made up more than half of all Vegas-area home sales so far this year. That hasn’t been the case for years.
Copyright 2013 The Associated Press.