LAS VEGAS (AP) – Real estate agents say median home prices in southern Nevada topped $229,000 in May.
The Greater Las Vegas Association of Realtors reported Tuesday that the median sale price of existing single-family homes was up 8.5 percent, from about $211,000 a year ago.
Condominium and townhome prices were up 5.4 percent from a year ago, at a median price of $118,000 last month.
Association president Scott Beaudry says he thinks a tight housing supply is driving prices up.
The organization says almost 3,350 existing homes, condominiums and townhomes sold in May, or about the same number as in May 2015.
Beaudry says 4.5 percent of local sales in May were short-sales, for less than the value of the mortgage.
That’s down from 7.3 percent of all sales a year ago.