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Housing shortage leads to increase in Las Vegas home prices

Las Vegas home prices rose last month amid a continued drop in listings as a trade group said the valley now has a housing shortage.

The median sales price of single-family homes in Southern Nevada in April was $249,000, up 2.9 percent from March and 12.9 percent from April 2016, according to a new report from the Greater Las Vegas Association of Realtors.

Buyers picked up 2,866 such homes last month, down 10.3 percent from March but up 1.7 percent from last April.

Some 5,083 homes were listed without offers at the end of April, down 7.4 percent from March and 30.9 percent from a year ago.

The GLVAR reports data from its listing service, which largely comprises previously owned homes.

“Our housing supply has been tight for a couple of years, but now it’s getting to the point where it’s fair to call this a housing shortage,” GLVAR President David J. Tina, co-owner of Urban Nest Realty, said in the report.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

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