High demand and low inventory drove Las Vegas home prices up in May.
U.S. home prices jumped 10.9 percent in March compared with a year ago, the most since April 2006. A growing number of buyers are bidding on a tight supply of homes, driving prices higher and helping the housing market recover.
Nevada led all states with a 22.2 percent gain in home prices for the month of March.
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.
Home prices throughout the Las Vegas valley continue to rise steadily.
Southern Nevada’s housing market started 2013 in much the same way it ended 2012, with rising prices and a tight supply.
With Las Vegas home prices rising yet again in December, the Greater Las Vegas Association of Realtors says the area ended last year in positive territory.
Las Vegas home prices are climbing up for the fifth straight month in the longest upward streak since 2004.
Home prices in Las Vegas are up for the fourth straight month.
Real estate agents in Las Vegas say there were slightly more homes sold in April than during the same period a year ago.