LAS VEGAS (KSNV) — Las Vegas housing prices jumped again in May, even as more homes were listed for sale, according to a local industry group.
The median price for an existing single-family home sold in Southern Nevada last month was $473,000, per the group Las Vegas Realtors.
That’s up from April when the median price was $469,000, and it’s up 7% from May last year, when the median price was $442,120.
For condos and townhomes, the median price in May was $295,000. That’s another all-time high, up from last month’s previous record of $290,000. It’s also up 7.3% from the year-ago month.
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There was some good news for prospective homebuyers. By the end of May, there were 3,869 single-family homes and 1,324 condos and townhomes listed for sale without any sort of offer. That’s up from the 2,960 homes and 1,248 condos and townhomes without offers at the close of April.
“Although the demand for housing here in Southern Nevada continues to outpace our supply, increased sales and inventory are positive signs for consumers and for our members,” Merri Perry, president of Las Vegas Realtors, said in a statement.
A total of 3,091 existing homes, condos and townhomes sold in May. Compared to the year-ago month, sales were up 3.7% for homes and up 0.9% for townhomes.
The sales pace still equates to less than a two-month housing supply.
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