Southern Nevada home sales and prices continued to rise in February, according to the Greater Las Vegas Association of Realtors.
The total number of existing local homes, condos and townhomes sold in February was 2,815, up from 2,676 in February 2016. Compared to one year ago, sales were up 6.5 percent for homes and up 0.4 percent for condos and townhomes.
The median price of existing single-family homes sold during February increased to $240,000, up 0.8 percent from January and up 8.9 percent from February 2016. The median price of local condos and townhomes sold in February was $118,000, up 4.0 percent from January, but down 2.9 percent from February 2016.
The median single-family home price in Southern Nevada one year ago at this time was $220,350. Two years ago, it was $205,000. Five years ago, in February 2012, it was $121,000.
A tight supply, however, is a challenge for those looking for lower-priced properties. At the current sales pace, officials said Southern Nevada has less than a three-month supply of homes available for sale. A six-month supply is considered to be a balanced market.