Unfortunately home sales decreased for the 4th month in a row in Las Vegas. Foreclosure re-sales were at its lowest level since September 2007. The reason that the Las Vegas housing market continues to drop is that people owe more money on their current homes than what they are worth. On the upside, the housing market of Las Vegas showed relatively short times on the market.
Home sales continue to drop in Las Vegas for the fourth month in a row while median sale prices saw an increase year-over-year.
September sales were 13% below average of homes sold during all months of September since 1994, and were also the lowest for that month since September 2007 – 3,054 homes were sold, according to DataQuick.
In September, 4,090 new and resale houses and condos closed escrow in Las Vegas. This is down 15% from August and down 12.8% the year prior.
Foreclosure resales were at the lowest level since September 2007, which is at 19.2%. The month’s figure dropped from 21.8% from August and 56.3% a year prior.
Overall, the report suggests that the housing market in Las Vegas continues to drop because people owe more money on their current homes then what they are worth. Consequently, people aren’t able to list their homes for sale at a profit.
DataQuick has also noted that the median price paid for all new and resale homes and condos sold in September was $137,000. This was the highest since the median sales price in June 2010, which was $139,000. The median sales price did edge up 3% from August and rose 19.1% from a year prior.
The upside of the housing market in Las Vegas is with relatively short times on market, which is at a high since the housing boom. In September, 7.2% of all homes sold on the open market were sold within a six-month period. This reflects a 6.4% improvement from August and a 3.6 increase from a year prior.
In regards to the overall market for September, mid-to-high cost homes saw an increase on a year-over-year basis while low-end sales saw a decline.
Homes selling for less than $100,000 fell 37.4% from year ago levels. Home selling for less than $200,000 also fell 20.4% from year ago levels. However, homes for more than 500,000 rose 19.4% from a year prior.
The rise from mid-to-high level homes increased the overall median, with a 19.1% annual rise.
Home owners in Las Vegas owe too much money on their current homes, preventing them from selling their homes for a profit. This is the reason for the decrease in home sales. Even though there was a decrease in home sales, the time that a house shows on the market is relatively low in Las Vegas.
Source: HousingWire
