The median price for 3,185 single-family homes sold in April was $127,900, up 4 per cent from the previous
month, and up 2.3% from April 2011.

It is the first time prices have increased on a year-over-year basis since August 2010, said Kolleen Kelley, President of the Realtors Association.

"Of course, this has a lot to do with our shrinking housing inventory. Based on current demand, our housing supply is down to about 4 to 6 weeks."

Total inventory of homes on the Henderson MLS and Las Vegas MLS decreased 20.3 % from a year ago to 17,884 in April, while only 4,162 units are available without pending or contingent offers, down 63.4% from a year ago.

Housing inventory already was tightening through 2011, and it began to tighten more rapidly when the Robo-signing law took effect in October.

Notices of default, which begin the foreclosure process,have plummeted from about 3,000 a month to just a few hundred, and the number of bank-owned homes has dwindled to about 800.

Even with fewer homes to sell, existing home sales remain ahead of the record pace set in 2011, when
Realtors sold 48,186 houses in Southern Nevada.

Sales of townhouses and condos decreased by 13.5% to 739 in April. The median condo price dropped to
$59,900, down 1.8% from $61,000 in March.

A Realtor said that many prospective homebuyers are being aced out by corporate investors using their
financial power to buy single family homes in Las Vegas.

"I have seen clients with great credit put in an offer on a bank owned with a 30 to 40 percent down payment, and get denied in favor of an all-cash offer."

54.9% of all existing homes in Southern Nevada were bought with cash in April. Nearly 30% of all existing
homes in April were short-sales. That's up from 26.6% in March.

The median price of bank owned single family homes sold in April was $112,500 up from 6.1% from $106,000 in March.