Las Vegas home prices rise in May

LAS VEGAS - Home prices in the Las Vegas valley rose slightly in May, according to the Greater Las Vegas Association of Realtors (GLVAR).

The median price of a home sold last month reached $195,000, representing an increase of 1.6 percent from April and 14.7 percent from 2013.

GLVAR reports 2,825 homes sold last month, which is an improvement of 8 percent from April, but represents a decline of 8.1 percent from last year.

"It's good to see this kind of appreciation in our local home prices. Going forward, I think we'll see prices continue to stabilize. Expect to see smaller percentages when we look at how much prices have increased year over year," said GLVAR President Heidi Kasama in a statement. "We'd still like to see more inventory in our housing market, but at least we sold more homes in May than we did the previous month."

Kasama said home sales for the year are down 14 percent from the same time last year.


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