Median home price in Las Vegas up to $170k in May

LAS VEGAS (AP) -- Home prices in Las Vegas keep on climbing.

Statistics released Monday by the Greater Las Vegas Association of Realtors show the median home price in southern Nevada in May was $170,000. That's up nearly two percent from a month earlier, and up almost 33 percent from a year ago.

Prices are rising as inventory stays short. Realtors report only five weeks' worth of homes up for sale.

More sales are traditional, rather than short sales or foreclosures. The association reports about 32 percent of homes are short sales, a little more than 10 percent are bank-owned, and the rest are standard sales.

Association president Dave Tina says he doubts home prices will continue rising at their current pace, but he suspects there's still room for increases in the near future.