KTNV ABC,Channel 13,Las Vegas,Nevada,News,Weather,Sports,Entertainment,KTNV.com,Action News .:. GLVAR reporting an increase in Las Vegas home prices and inventory

GLVAR reporting an increase in Las Vegas home prices and inventory

Local housing statistics released today by the Greater Las Vegas Association of REALTORS® (GLVAR) shows local home prices increased for the second straight month.

The median single-family home price in Southern Nevada during May matched April's $142,000.

It was a 1.4 percent increase from May 2009, marking the second straight month GLVAR reported a year-over-year increase in local home prices.

The median price of local condominiums and townhomes sold in May also increased, up 2.9 percent from the previous month and up 10.8 percent from the previous year.

GLVAR is also reporting an increase in short sales and decrease in sales involving foreclosed homes.

According to the GLVAR, the total number of local homes, condominiums and townhomes sold in May was 3,653. That's down from 3,738 total sales in April and down from 3,992 one year ago.

Other highlights reported by GLVAR include:

· The total number of local single-family homes sold in May was 2,884. That's down 2.3 percent from 2,951 in April and down 11.4 percent from May 2009.

· The total number of condos and townhomes sold in May was 769, down 2.3 percent from 787 sales in April, but still up 4.3 percent from 737 such sales one year ago.

· The value of local real estate transactions tracked through the MLS during May decreased 3.8 percent for single-family homes, from more than $511 million in April to nearly $492 million in May. For condo and townhome sales, the total value of all sales increased 0.1 percent, barely topping the nearly $71 million in April sales. Compared to one year ago, total sales volumes in May were down 12.5 percent for homes, but up 14.5 percent for condo and townhome properties.

· Through May, 67.1 percent of all single-family homes and 71.3 percent of all condos and townhomes sold within 60 days. That compares to April, when 68 percent of all local single-family homes and 68.9 percent of all condos and townhomes sold within 60 days. Homes are still selling faster than they did one year ago, when 61.8 percent of all single-family homes and 55.5 percent of all condos and townhomes sold within 60 days.