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Las Vegas home prices up 15 percent year-over-year

Las Vegas home prices up 15 percent year-over-year

CREATED Sep 11, 2012

LAS VEGAS (AP) -- Home prices in the Las Vegas area are up for the seventh month in a row, while the number of homes sold in August is significantly down from a year ago.

The Greater Las Vegas Association of Realtors reports Tuesday that the median price of a single-family home sold in August was $138,000, up about 4 percent from July and 15 percent from last August.

Realtors say it's the first double-digit annual price increase since 2005.

Association president Kolleen Kelley says the price increases come as banks are less willing to foreclose and are putting fewer homes on the market.

The group reports about 3,750 homes, condominiums and townhomes were sold in August, up from about 3,570 in July but down from last August's near-record of nearly 4,700.