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Las Vegas Home Sales Double

Prices are down 31% and foreclosures account for 82% of resales.
Category Product: 
Home Equity
Category Finance: 
Personal Finance
Introduction: 
Prices are down 31% and foreclosures account for 82% of resales.

For more real estate news, please visit: DQNews.com.

September sales of existing single-family houses in the Las Vegas region more than doubled from a year ago as the median price paid for those homes dove 31%. Foreclosures rose to 82% of all resales, a real estate information service reported.


While the number of single-family houses resold in September shot up 123% from a year ago, the increase in overall transactions was more modest thanks to declining sales for newly built homes.

A total of 4,243 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County) in September, up 4.8% from August and up 38.9% from September 2007, according to MDA DataQuick. The San Diego-based firm tracks real estate trends nationally via public property records.




Las Vegas-Paradise, NV

Median price
Sep-07
Sep-08
%Change
Resale houses
$282,500
$196,000
-30.6%
Resale condos
$180,623
$120,000
-33.6%
New homes
$310,290
$251,905
-18.8%
All home
$289,000
$205,000
-29.1%
Number of sales
Sep-07
Sep-08
%Change
Resale houses
1,303
2,901
122.6%
Resale condos
317
429
35.3%
New homes
1,434
913
-36.3%
All homes
3,054
4,243
38.9%
Source: MDA DataQuick, DQNews.com


September marked the sixth consecutive month in which sales of existing single-family detached houses rose on a year-over-year basis.

Lower prices, especially among foreclosures, are fueling the recent burst in sales, which were the highest for a September since 2005.

The median price paid for all homes sold in the Las Vegas metro area was $205,000 in September, down 4.7% from $215,000 in August and down 29.1% from $289,000 in September 2007.

The median sale price has fallen on a year-over-year basis for 17 consecutive months and is now 34.3% below the region's peak $312,000 median in November 2006. September's median was the lowest since it was $200,000 in February 2004.

The median price paid for resale single-family (detached) houses fell to $196,000, down 30.6% from a year ago. That median was last below $200,000 in December 2003, when it was $193,000.

Another gauge analysts watch suggests greater price declines: The median price paid per square foot for resale detached houses fell to $108 in September, down 34.9% from a year ago and down 43.2% from the $190 peak reached in June 2006.

The median sale price - the point where half of the homes sold for more and half for less - has plunged for several reasons: Widespread home price depreciation; higher prices and qualifying standards for "jumbo" mortgages, which has undermined higher-end sales; and buyers' preference for discounted foreclosures.

About 82% of the Las Vegas-area houses and condos that resold in September had been foreclosed on at some point in the prior 12 months.

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