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Las Vegas Realtors report another rise in home prices

Another month, another home-price surge.

The Greater Las Vegas Association of Realtors said Monday that the median sale price of an existing, single-family home was $170,000 in May, up 32.8 percent from $128,000 a year earlier. The last time prices were this high was in December 2008.

Yet, the median was still well below its 2006 peak of $315,000.

The median condo and townhome price jumped to $89,000, up 43.5 percent from $62,000 in May 2012.

Association President Dave Tina said home prices wouldn’t likely keep rising at current rates, but given short supply — just five weeks of inventory on the market — prices have room to grow in the near term. The number of available homes, or properties without offers on them, fell 13.2 percent year over year, to 3,297 units.

Cash buyers continued to dominate the market, at 57.9 percent of sales. That was down from 59.3 percent in April, and a high of 59.5 percent in February.

In a sign of high demand, more than 62 percent of homes sold were snapped up in less than a month.

Contact reporter Jennifer Robison at jrobison@reviewjournal.com or 702-380-4512. Follow @J_Robison1 on Twitter.

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