The median price for an existing single-family home sold in Southern Nevada was up 32.8% compared to a year ago, according to data released by the Greater Las Vegas Association of Realtors (GLVAR).

The median price rose to $170,000 in May, an increase of 1.8% for the month but still far from the peak of $315,000 seen in June 2006.

‘This appreciation means more local homeowners have more equity in their homes and fewer homeowners are underwater’, GLVAR president Dave Tina said in a statement. He added: ‘We’re hoping these rising home values convince more homeowners who’ve been considering a move to put their homes on the market, because we really need more homes to sell.’

The fastest rising type of property was condominiums and townhouses, the median price of which increased by 4.7% in May to $89,000, up 43.5% from a year ago.

Contrary to previous years where short sales and foreclosures accounted for most sales in the market, more than half of homes sold so far in 2013 were by ‘traditional’ sellers, GLVAR reported.

The Association added that 75% of properties are currently being sold within 60 days in Las Vegas and that 58% of sales were made to cash buyers.