Better News for Las Vegas Housing

From
the previous month, the number of Las Vegas homes sold and their median price
improved slightly in May, though the prices are down eleven point three percent
from a year ago, says the Greater Las Vegas Association of Realtors Wednesday.

Realtors sold 3,991 single-family homes, condominiums and town homes in May.
And that is higher than in April with 3,902 and even higher than 3,653 in the
same month last year. There is a seven point nine percent increase from the single-family
homes sales, while the condos and town homes increased by fourteen point four
percent compared to May 2010.

The median price for single-family homes was $126,000 in May this year. That is up 0.8% from $125,000 in
April but down $14,238 from a year ago.

President
Paul Bell of the Realtors Association said that this was the first time year
that both key indicators increased in the same month for the single-family
homes and for condos and town homes. Although they know that a month of this
good news will not constitute a trend but they are welcoming news to the
members of the association and a lot of homeowners to see more Las Vegas homes selling at somewhat higher
prices. Considering that if the news spreads out, it will eventually create a
trend or at least a tendency to build one.

And
as opposed to the lenders who have been the leading buyers and sellers for many
months in Southern Nevada regions, there is a positive trend in the rising number
of Las Vegas home sales involving “traditional” buyers and sellers, which they
also see as good news.

Now
for those who are thinking about purchasing their own home, now may be a better
time to buy that Las Vegas home while
the price is still affordable.