Las Vegas Home Prices Inch Up as Inventory Shrinks - 8 News NOW

Las Vegas Home Prices Inch Up as Inventory Shrinks

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LAS VEGAS (AP) -- Las Vegas home prices are creeping up for the fourth straight month as banks are putting fewer houses on the market.

Officials with the Greater Las Vegas Association of Realtors say Friday that the median price of a single-family home sold in May was $128,000, which is up 0.1 percent April and 1.6 percent from a year ago.

The number of home sales is also up in spite of rising prices. Realtors report 4,134 homes were sold in May, up 7.2 percent from April and 9.7 percent from last May.

Inventory is down. Realtors say there were 17,346 homes listed in the Las Vegas area at the end of May, down 3 percent from the end of April and down nearly 24 percent from the same time a year ago.

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