New Vegas Homes Can’t Compete With FC Resales

Posted by Orb Staff on June 01, 2009 No Comments
Categories : Residential Mortgage

of new and existing single-family houses and condos in the Las Vegas region rose in April month-over-month by 3.8%, and almost 74% of the resold homes were foreclosure resales, a real estate information service reports. With distressed properties dominating the market, the median sale price for all homes sold fell to the lowest level since July 1999, according to San Diego-based MDA DataQuick. A total of 4,431 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County) in April, up 35.7% from a year ago. It was the highest sales total for any month since 4,476 homes sold in June 2007. April marked the 13th consecutive month in which sales of existing single-family detached houses rose on a year-over-year basis, and they were the highest for any April total since 4,406 sold in April 2005. Resale condos have seen an annual sales gain for 10 straight months. The tally for total Las Vegas home sales – all resale and new-house and condo sales combined – has not looked so high in a historical context because of the sharp declines in new-home sales, which have fallen on a year-over-year for 34 consecutive months, MDA DataQuick says. As expected, new-home-sale levels remained low in April, totaling 324 (nearly 80% below the average number sold in that month since 1994). The lowest month for new-home closings was January 2009, when 249 sold, and MDA DataQuick says discounted foreclosure resales are making the market especially difficult for existing-home sales. A popular form of financing used by first-time home buyers – government-insured Federal Housing Administration loans – accounted for almost 53% of all April purchases, while absentee buyers bought 36.1% of all homes in April, according to an analysis of public property records. Absentee buyers are often investors but could include second-home buyers and others who, for various reasons, have their property tax bill sent to an address other than that of the home they have purchased. The median price paid for all homes sold in the Las Vegas metro area last month fell to $132,750, down 7.8% from $144,000 in March and down 45.3% from $242,747 a year ago. April's 45.3% annual drop is a record in DataQuick's Las Vegas statistics. SOURCE: MDA Da

Register here to receive our Latest Headlines email newsletter




Leave a Comment