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Realtors Report Market Improvement

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(credit: Cameron Davidson/Getty Images)

(credit: Cameron Davidson/Getty Images)

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LAS VEGAS (AP) — Home prices in the Las Vegas area are up 7.3 percent from a month ago and nearly 31 percent from last year as supply stays short.

Officials with the Greater Las Vegas Association of Realtors said Tuesday that the median price for a single-family home sold in March was $161,000, up from $150,000 in February.

That’s still about half of what the median home price was in 2006.

Realtors say there were about 13,700 single-family homes listed for sale by the end of March, which is down 3 percent from the month before.

Officials say they’re seeing short sales and traditional sales eclipse the foreclosure trend of the past few years. Foreclosures accounted for about 80 percent of all sales four years ago, and dropped to 9.5 percent in December.

Copyright 2013 The Associated Press.

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