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by ROBERT SCHOENBERG, VBJ Staff Reporter

Listings were down, but the price of homes and the number of closed sales more than makes up for sluggishness on the home market, according to the latest report from the Realtors’ Multiple Listing Service.
In the month of May, the RMLS tallied 974 homes going on the market for sale in Clark County.
The number of homes for sale includes newly built homes as well as existing homes joining the active market. Last year in the same month, 1,025 homes were added to the active listings for sale.
For the first five months of this year, 4,508 homes were put up for sale, 251 fewer homes in comparison with the 4,759 homes placed on the market by the end of May 1999.
“We had an overabundance of homes on the market over the last 12 or 16 months,” said Gerri Dowdy, co-owner of Windermere Real Estate/Stellar Group in Vancouver. “Maybe some people have held back because of that and inventory may be getting in line with what it should be.”
Then again, in May of last year, 447 home sale deals closed, while this year, 484 homes changed hands, an increase of 37 more homes sold during the month. Hence, despite fewer houses on the market, more are selling.
“Each time there is talk of the interest rate rising, I’m sure there are people who want to lock in their loans and get moving, so it may be some incentive for them too,” said Dowdy. “I know all of my agents are busy right now.”
In addition, as home closings continue at a quicker pace, the price as well is picking up. The median price of a home in 1999 was $144,000. This year in May, the median price of a home has risen by $8,900 to $152,900.