Southern Nevada home prices and sales rebounded slightly in May, according to statistics released today by the Greater Las Vegas Association of Realtors.
The 3,111 sales of single-family homes were about 1 percent higher than April and nearly 8 percent higher than May 2010. The median price registered a rare monthly increase, going from $125,000 to $126,000, but it’s still more than 11 percent below where it was a year ago.
Many housing analysts, however, aren’t expecting the increase to be a trend. Prices are expected to continue to decline because of foreclosures coming into the market.
GLVAR President Paul Bell said any increase is welcome news and points out that what happened in the single-family sector also occurred with town homes and condos.
“One month doesn’t constitute a trend, but it’s certainly welcome news to our members and most homeowners to see more homes selling at slightly higher prices,” Bell said.
Bank-owned homes accounted for 43.8 percent of all existing homes sales in May, down from 46.3 percent in April. Short sales also fell from 23.8 percent in April to 23 percent in May.
“It’s a gradual trend, but it certainly is an improvement over what we’ve been seeing,” Bell said of the increase in traditional sales. Those homes fetch higher prices than foreclosures, he said.
The number of town homes and condominiums sold in May was 880, up 7.6 percent over April and 14.4 percent over May 2010.
The median price of those units was $62,750 in May, up 4 percent over April but down 12.8 percent from May 2010.
Some 51.4 percent of all existing homes sold in Southern Nevada in May were purchased with cash, down from 51.9 percent in April.
The number of single-family home listings at the end of May was 22,767, a 1.4 percent increase over April. More than 11,000 homes remain on the market without offers with a median asking price at $135,000.
The market recorded 5,055 new single-family home listings in May, a 3.7 percent increase over April and 15.1 percent increase over May 2010.
The total dollar value of single-family homes sold in May was $491.4 million, a 0.3 percent increase over April. Condo sales totaled $76.2 million, an 11.9 percent increase over April.
The GLVAR tracks sales of new and existing homes on the Multiple Listing Service in Clark, Nye, Lincoln and White Pine counties
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