Home sales in Las Vegas increased for the sixth straight month in June and inventory remained stable, the Greater Las Vegas Association of Realtors reported Wednesday.
Realtors sold 2,226 single-family homes in June, up 50.8 percent from the same month a year ago and up from 2,026 sales in May.
"We're encouraged to see another significant increase in the number of homes sold here in the Las Vegas area," association president Patty Kelley said. "This is a good sign for our local housing market and for the Las Vegas economy overall."
The number of homes listed for sale remained fairly steady, climbing 0.2 percent in June to 23,388 units. That's down 1.1 percent from June 2007.
The number of listings is stable, but has increased every week in recent months. However, recorded sales have increased at a faster rate over the past 60 days.
That has reduced the supply of homes on the Multiple Listing Service from about 18 months at the beginning of the year to 13.7 months at the end of June. That number can change dramatically, based on closings.
Bank-owned properties are setting the pace in sales and helping establish the bottom in prices, he said. They account for about 65 percent of closings.
"Banks are becoming more aggressive in pricing, In the beginning of the year, they weren't bending too much. They had a fixed price and they stood by it. Now they're trying to get them off their books. If you don't start moving short sales and bank-owned properties, you're going to end up with more foreclosures and the situation could get worse.