Home Sales Rise in October

LAS VEGAS - The Greater Las Vegas Association of Realtors reports 2,983 homes sold in October. That represents an approximate 12 percent increase from September, but home sales were down 4.3 percent from October 2011.

The median price of a home sold in October remained unchanged from September at $140,000. That price represents a 15.7 percent increase from last year.

"The biggest thing I noticed in this month's report is that the inventory of homes available for sale went up. We sold fewer homes in October than we listed," said GLVAR President Kolleen Kelley. "As inventory goes up, you're not going to see prices go up as much. It's supply and demand."

GLVAR reported 16,778 homes were listed for sale in October.


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