LAS VEGAS – Home sales fell, while home prices rose in Las Vegas in June.
The Greater Las Vegas Association of Realtors (GLVAR) reports 2,675 homes sold last month. That represents a drop of 5.3 percent from May and 9.8 percent from June 2013.
While sales fell, home prices increased. The median price of a home sold in Las Vegas in June reached $199,900. That represents an increase of 2.5 percent from May and 14.2 percent from last year.
GLVAR reports that is the highest median home price since September 2008.
“Our GLVAR median home price is almost back to $200,000, which is encouraging,” said GLVAR President Heidi Kasama in a statement. “While real estate investors have played a key role in helping our housing market recover in recent years, it’s also good to see more traditional buyers entering the market. The percentage of local home buyers paying with cash is now under 35 percent. It hasn’t been that low since July of 2009.”
GLVAR is also seeing a rise in short sales and sales of bank-owned properties. The association reports short sales of existing homes in June rose 2.9 percent from May. Sales of bank-owned properties rose 1.0 percent from May to June.