GLVAR statistics show home sales climbing, prices falling at slower rate

Local housing statistics released by the Greater Las Vegas Association of Realtors show home sales continuing to approach record levels as home prices reach prices not seen since the beginning of this decade.

GLVAR statistics for May show another jump in the number of local homes sold last month compared to the same month one year ago. In May, GLVAR reported sales increasing 60.7 percent for single-family homes and 177.1 percent for condominiums and townhomes, compared to May 2008.

On an annual basis, GLVAR reported continued declines in the median price of homes, condos and townhomes sold in Southern Nevada. But on a monthly basis, May's statistics show prices declining at a slower rate than in previous months. The median price for single-family homes sold in May dropped a modest 1.2 percent from April to May. This current median home price of $140,000 is down 40.9 percent compared to one year ago, putting local home prices at levels not seen since 2001 according to the GLVAR.

For the first time since March 2008, the median price of condos and townhomes increased from $64,500 to $65,000, rising by 0.8 percent from April to May.

The total number of single-family homes sold in May was 3,255, up 1.8 percent from 3,198 in April.

The total number of condos and townhomes sold in May was 737. That's up 1.4 percent from 727 sales in April.

"With nearly 4,000 total sales in May, we're approaching an all-time record for how many homes and condos we've sold in a single month. So there's plenty of activity in our local housing market," said GLVAR president and local Realtor Sue Naumann. "Of course, with many homes priced below what it would cost to build these same homes today, it's no secret why so many people are buying now."

This month's GLVAR statistics include activity through the end of May.