Las Vegas home prices climb for 5th straight month
LAS VEGAS (AP) -- Las Vegas home prices are climbing up for the fifth straight month in the longest upward streak since 2004.
Officials with the Greater Las Vegas Association of Realtors say Tuesday that the median price of a single-family home sold in June was nearly $132,000. That's up 3 percent from May and 5.9 percent from a year ago.
The number of homes sold has dropped as prices rise. Realtors report 3,945 homes were sold in June, down 5.8 percent from May and 11.4 percent from a year ago.
Realtors association president Kolleen Kelley says only time will tell whether the tight inventory and rising prices are artificial. She says it depends on whether banks continue to push short sales instead of foreclosures for homeowners in default.
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