Vegas home prices up for another month in January

Las Vegas-area home prices climb for another month in January; up 27 percent year-over-year

Associated Press

LAS VEGAS (AP) -- Real estate agents say home prices in the Las Vegas area were up 27 percent in January as supply stayed tight.

Statistics released Friday by the Greater Las Vegas Association of Realtors show six weeks' worth of inventory left at the end of the month.

The median price for a single-family home sold in January was $150,000, up 0.7 percent from the previous month.

Realtors report the price increase is prompting more traditional sellers to close deals, as opposed to lenders selling foreclosed or short-sale homes.

Short sales were slightly down in January and accounted for 36 percent of sales. Foreclosures accounted for about 13 percent of sales.

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