Las Vegas-Area Sales See Big Year-Over-Year Drop

Posted by Orb Staff on August 25, 2010 No Comments
Categories : Residential Mortgage

The Las Vegas region logged its biggest year-over-year drop in home sales in more than two years last month, according to San Diego-based MDA DataQuick, which tracks real estate trends via public property records. The median sale price fell from the prior month and a year ago to its lowest level since February, the company says.

A total of 4,310 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County) last month – down 22.2% from June and down 18.8% from a year earlier.

On average, the region's sales have fallen 8.1% between June and July since 1994, when DataQuick's complete Las Vegas region statistics begin. The 18.8% year-over-year decline in last month's sales was the largest for any month since April 2008, when overall sales dropped 19.7% from a year earlier.

Last month's sales tally was the lowest for a July since 2008, when 4,134 homes sold, and it was 11.9% below average for the month since 1994.

Foreclosure resales – which MDA DataQuick defines as homes that had been foreclosed on in the prior 12 months – rose to 48.9% of all resales in July from 46.4% in June. Up until last month, foreclosure resales had declined each month since they peaked at 73.7% of the resale market in April 2009.

The median price paid for all new and resale houses and condos sold in the Las Vegas metro area in July was $129,900 – down 6.5% from $139,000 in June.

Meanwhile, foreclosures rose slightly last month from June but remained lower than last year. In July, lenders foreclosed on 2,701 single-family house and condo units in the Las Vegas region – up 2.7% from June but down 26.7% from a year ago. The peak month was February 2009, when 3,718 homes were foreclosed on. The figures are based on the number of trustees deeds filed at the county recorder's office.

SOURCE: MDA DataQuick

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