Home Sales in Las Vegas Area Increase for 2nd Straight Month in May

Home sales in the Las Vegas-area rose year-over-year for the second straight month in May after 10 months of declines, while the median price made its 14th consecutive annual gain, ""DataQuick"":http://www.dataquick.com/ reported.

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Last month, a total of 5,005 new and resale homes and condos were sold in the Las Vegas area, or in Clark County, according to DataQuick.

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This means home sales stood 3.6 percent higher than year-ago levels and are up 2.8 percent from the month before.

DataQuick also noted activity for lower-priced homes is decreasing while sales for mid- to high-end homes are picking up.

For examples, sales for homes priced below $100,000 fell 44.8 percent in May compared to a year ago, and homes priced below $200,000 were down by 17.8 percent during the same time period.

Yet, sales for homes priced from $200,000 to $500,000 shot up by 76.9 percent compared to year-ago, and the share of homes over $500,000 nearly doubled at 92.6 percent, according to DataQuick.
Overall, the median price for a new or existing-home in the Las Vegas area rose to $162,000, up 32.8 percent year-over-year and up 1.3 percent month-over-month.

According to DataQuick, the annual double-digit have continued for the past 11 consecutive months.