Vegas resale home prices jump 12% from May ‘02

Tuesday, June 17, 2003 | 11:02 a.m.

Prices for a new and resale homes continued to rise in the Las Vegas area through May, with the median price for a resale home increasing by 12 percent from May 2002, a report said today.

The median price of a resale home in May was $163,500, a year-to-year increase of $17,500. The median price in May for new homes was $200,660, a year-to-year jump of $13,802, or 7.4 percent. The average price of a new home in May was $236,207, Home Builders Research Inc. reported.

Sales of resale homes continue to dominate the Las Vegas area housing market, with the second consecutive month of more than 4,000 resales recorded, Home Builders Research said.

In May, there were 4,055 recorded resale transactions, which brings the number of recorded resales in 2003 to 17,648. That is a year-to-year increase of 2,423 sales, or 15.9 percent, Home Builders Research reported.

New home sales continued to be strong, with 1,904 recorded new home sales in May, bringing the year-to-year total to 8,881. That is slightly down from last year's year-to-date new home sales through May, by 260 sales, or 2.8 percent, Home Builders Research reported.

In May, 2,163 new home permits were pulled in Las Vegas, Clark County, North Las Vegas and Henderson. That brought the total for 2003, through May, to 10,074, a year-to-year increase of 1,365 permits, or 15.7 percent.