The number of homes for sale in Las Vegas topped 20,000 in June, an all-time high and up 32 percent from the same month a year ago, the Greater Las Vegas Association of Realtors reported Thursday.

Climbing inventory, as well as a flattening of median prices, has caused great concern among local and national housing analysts.

However, prices jumped 5 percent in June to $315,000, based on 2,527 sales by Realtors.

"Nothing much has changed," said Dennis Smith, president of Las Vegas-based Home Builders Research. "The number of listings was up and it's not coming down. I expect it's going to stay around that number for quite a while, at least the next six months, maybe a year."

Another 4,630 condominium and townhomes are listed for sale, an 82.7 percent increase from a year ago. The median sales price was $205,000, up 5.1 percent from last year.

Single-family home sales decreased 1.1 percent from May and nearly 24 percent from a year ago. Condos and townhome sales slid 22 percent to 592.

"I actually thought the stats would be worse because home builders have gone crazy with their incentives," said Linda Rheinberger, president of the Realtors association. She said Beazer Homes was "bribing" brokers with commissions of 11 percent to 13 percent on standing inventory.

"You're certainly not going to pooh-pooh the new-home market. You're going to show your clients everything," she said.

Once the new-home inventory gets "plowed through," the resale market will pick up, Rheinberger predicted.

Smith said months ago that Las Vegas has become a buyer's market, with resale prices remaining flat at $289,000 in May, his latest month of statistics.

"There's no reason to expect it to get any better," he said. "We may see negative year-to-year growth (in price appreciation) by the end of the year. I hope not. I'm hoping for 2 to 3 percent increase."

Roughly two-thirds of all single-family homes and condos and townhomes sold in fewer than 60 days, Rheinberger noted.

She said 16 percent of MLS listings are pending sale, contingent on home inspections or the sale of another home, "so the number is a little deceptive." She pointed to the number of new listings in June, which fell 3.3 percent from May to 6,060.

Smith said a lot of the condos and townhomes that have come up for sale are apartment conversions that have been held by investors for a 12-month period to get capital gains treatment and have never been inhabited.

Softer consumer demand has taken its toll in the conversion segment, he said. The trend for the last two months is fewer escrow closings. Last year, conversions averaged 662 a month. There were 458 conversion sales in April and 404 in May.

Fewer apartment conversions bumped the median price for new homes to $323,030 in May, an 11.9 percent increase from a year ago, Smith reported.

In order to compare "apples to apples," Smith said he's going to start reporting median new home prices without condo conversions and without luxury high-rise condos.