Las Vegas home prices climb for sixth straight month
LAS VEGAS (AP) -- Las Vegas home prices are climbing up for the sixth straight month as inventory remains tight.
Officials with the Greater Las Vegas Association of Realtors say Wednesday that the median price of a single-family home sold in July was $133,000. That's up almost 1 percent from June and 9 percent from a year ago.
The number of homes sold has dropped as prices rise. Realtors report 3,572 homes, condos and townhomes were sold in July, down about 10 percent from June and about 12 percent from a year ago.
Realtors association president Kolleen Kelley says a few more homes are coming onto the market, although there's still a supply shortage because banks are holding back their inventory. She says she's encouraged banks are arranging more short sales instead of foreclosures.