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Las Vegas-Area Home Prices Up 10.1 Percent In June

LAS VEGAS (AP) — Las Vegas-area home prices are up by double digits compared with a year ago.

The Greater Las Vegas Association of Realtors reported Wednesday that the median home price in June was $220,000, which is up 10.1 percent from last June.

The number of existing homes sold in June was nearly 3,700, up from about 3,300 a year ago. The total number of homes listed for sale in the area was down about 1 percent from a year ago.

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Association president Keith Lynam said the rising prices are a good sign, but said there are still concerns in the housing market. He said there's only a three-month supply of homes available for sale, which is less than half of what real estate agents would like to achieve a balanced market.