LAS VEGAS-Statistics recently released by the Greater Las Vegas Association of Realtors show existing home prices continuing to rise as the supply of homes available for sale posted a welcome increase. The median price of an existing single-family home sold in Southern Nevada during June was $175,000. That’s up 2.9% from $170,000 in May and up 32.8% from $131,785 one year ago, says GLVAR.

“When you compare existing local home prices to one year ago, we’re still posting big increases, at least for now,” says 2013 GLVAR president Dave Tina, a longtime local realtor. “I think local home prices could continue to appreciate in the coming months, but I think we’re going to see the rate of appreciation slow down at some point. It was also good to see a nice bump in the number of homes available for sale. We still need more homes on the market to meet the strong demand.”

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