-- "Las Vegas-area home sales rose to a six-year high for the month of May
number of transactions above $200,000 increased sharply from last year, making
up for fairly flat sales for lower-cost properties. With foreclosure resales at
the lowest level since late 2007
, the median sale price rose above a year
earlier for the second consecutive month, reaching a 17-month high
In May, 4,829 new and resale houses and condos closed escrow in the Las
Vegas metro area. That was up 6.1% from a revised
4,550 the month before and up 5.7% from 4,570 sales a year earlier."
MP: With both home sales and median home prices increasing in Las Vegas year-over-year, and with foreclosures at close to a five-year low and sales for the month of May at a six-year high, I think it's safe to say that the Las Vegas real estate market is past the cyclical bottom, and on the way back up.