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Home Values Increase 33% From Last Year

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(photo: MARK RALSTON/AFP/Getty Images)

(photo: MARK RALSTON/AFP/Getty Images)

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(Las Vegas, NV) — High demand and low inventory drove Las Vegas home prices up in May.

The median price of an existing single-family home sold in Southern Nevada during May was $170,000. That’s up 1.8 percent from $167,000 in April and up 32.8 percent from $128,000 one year ago, according to the Greater Las Vegas Association of Realtors.

GLVAR President Dave Tina says the Las Vegas housing market is still a long way from its peak, when median prices hit $315,000 in June 2006. Though he doubts local home prices will keep rising at this rate, he suspects “there’s still room for prices to appreciate” in the near future.

The median price of local condominiums and townhomes sold in May was $89,000, up 4.7 percent from $85,000 in April and up 43.5 percent from $62,000 one year ago.

GLVAR is reporting more homes sold by “traditional” sellers – as opposed to lenders, who are responsible for the short sales and foreclosures that dominated the market in recent years. In fact, for the first time in years, Tina said “traditional” sales account for more than half of all local home sales so far in 2013.

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