LAS VEGAS (AP & MyNews3) — In the world of Las Vegas real estate, party like it's 2004.
That's the bottom line from the latest home sales numbers which show that prices last year jumped by double digits.
News 3's Jeff Gillan is in the newsroom to break down the numbers from the Greater Las Vegas Association of Realtors which released its 2012 snapshot today.
Real estate agents say home prices in the Las Vegas area climbed 24 percent last year as supply stayed tight.
Statistics released Tuesday by the GLVAR show a mere five weeks' worth of inventory left at the end of 2012.
The median price for a single-family home sold in December was $149,000, up 2.1 percent from the previous month and 24.2 percent from a year ago. Realtors say they haven't seen those kinds of price increases since at least 2004.
Association officials say they've also seen a dramatic shift from foreclosure sales to short sales in the past year, and they expect the trend to continue.
Short sales accounted for a record 46 percent of sales in December, while foreclosures accounted for 10 percent.
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