Las Vegas, NV (KXNT) - Las Vegas home prices slowed their steep price climb in May -- but just slightly.
A report from Las Vegas Realtors released on Tuesday said that the median price of an existing single-family home in May was $482,000, a $7,000 increase over the previous month.
Prices are up just over 25% from just one year ago, when the median price was $385,000.
Condos and townhomes also set a new record, rising by $10,000 to $285,000 -- a 39% increase over May 2021, according to LVR.
LVR notes that by the end of May, 3,750 single-family homes were listed for sale without any offer -- up more than 75% from May 2021. On the condo/townhome market, 797 properties had no offers -- up more than 50% from last year.
At the same time, homes have been selling faster than previous years, according to LVR. In May, 96% of all existing local homes and nearly 98% of all existing local condos and townhomes sold within 60 days.