June 9, 2017 - 1:42 pm
Las Vegas home sales soared in May from a year earlier despite plunging availability.
Buyers picked up 3,517 single-family homes in Southern Nevada last month, up 22.7 percent from April and 29.9 percent from May 2016, according to a new report from the Greater Las Vegas Association of Realtors.
The median sales price of such homes was $250,000, up 0.4 percent from April and 9.1 percent from a year ago.
Meanwhile, 4,972 single-family homes were on the market without offers at the end of May, down 2.2 percent from April and 34.8 percent year-over-year.
Condos and townhouses make up a far smaller portion of Las Vegas’ market than single-family houses, but their drop-off in availability was even more pronounced.
According to the GLVAR, 630 condos and townhomes were on the market without offers by May’s end, down 1.4 percent from April and 71.8 percent from May 2016, according to the GLVAR.
The trade group reports data from its listing service, which largely comprises previously owned homes.
Correction: This story has been updated with revised figures from the Greater Las Vegas Association of Realtors.
Contact Eli Segall at firstname.lastname@example.org or 702-383-0342. Follow @eli_segall on Twitter.