weather icon Mostly Cloudy

Las Vegas home sales, prices both rose in March

Las Vegas home sales and prices climbed last month as the valley kicked off its spring buying season.

Buyers picked up 3,195 single-family homes in March, up 42.1 percent from February and 14.8 percent from March 2016, according to a new report from the Greater Las Vegas Association of Realtors. Single-family dwellings make up the bulk of the market.

The median sales price of such homes was $242,000 last month, up 0.8 percent from February and 10 percent year-over-year.

Meanwhile, inventory keeps sliding: 5,488 single-family homes were on the market but without offers at the end of March, down 1.4 percent from February and 23.9 percent from last March, according to the GLVAR.

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

GLVAR President David J. Tina, co-owner of Urban Nest Realty, said in a statement that Las Vegas continues to see “strong demand for housing heading into what is traditionally our best time of year for home sales.”

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

Don't miss the big stories. Like us on Facebook.