Las Vegas Home Prices Up 33 Percent

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The median price for an existing single-family home sold in Southern Nevada was up 32.8 percent from a year ago, according to data released today by the Greater Las Vegas Association of Realtors. 

The median price rose to $170,000 in May, a 1.8 percent monthly increase for the month, but still far from the peak of $315,000 in June 2006. 

"This appreciation means more local homeowners have more equity in their homes, and fewer homeowners are underwater," GLVAR president Dave Tina said in a statement. "We're hoping these rising home values convince more homeowners who've been considering a move to put their homes on the market, because we really need more homes to sell."

Condominiums and townhouses reported a 4.7 percent monthly increase in median price for the month to $89,000, up 43.5 percent from a year ago.

Contrary to previous years where short sales and foreclosures accounted for most sales in the market, more than half of homes sold so far in 2013 were by "traditional" sellers, GLVAR reports. 

Mr. Tina expects short sales to still play a significant role in the housing market until 2014, mostly because the Mortgage Forgiveness Debt Relief Act is set to expire on December 31, 2013.

The total number of homes sold in May was 3,884, up from 3,789 in April, with 75 percent sold within 60 days. GLVAR reported 57.9 percent of the purchases were all cash, close to the peak of 59.5 percent set in February.