House Prices Inch Up as Inventory Shrinks

By: AP Email
By: AP Email

LAS VEGAS (AP) - Las Vegas home prices are creeping up for the
fourth straight month as banks are putting fewer houses on the
market.

Officials with the Greater Las Vegas Association of Realtors say
Friday that the median price of a single-family home sold in May
was $128,000, which is up 0.1 percent April and 1.6 percent from a
year ago.

The number of home sales is also up in spite of rising prices.
Realtors report 4,134 homes were sold in May, up 7.2 percent from
April and 9.7 percent from last May.

Inventory is down. Realtors say there were 17,346 homes listed
in the Las Vegas area at the end of May, down 3 percent from the
end of April and down nearly 24 percent from the same time a year
ago.


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