Las Vegas Shifts From Foreclosure to Short Sales
| The Las Vegas housing market continues to shift from foreclosures to short sales, and the median home price rose for the seventh straight month, local Realtors said Monday. The Greater Las Vegas Association of Realtors reported 3,076 single-family home sales in August, a 17% decrease from the same month a year ago. The median price was $138,000, up 3.8% from July and up 15% from a year ago. It’s the first double-digit increase for year-over-year prices since December 2005. Inventory of single-family homes available for sale without a pending or contingent office dwindled to 3,981 units, compared with more than 11,000 a year ago. Short sales now account for 44% of the market, compared with 22% a year ago. Foreclosures have dropped from 51% of the market to 16.3%. About 85% of homes under contract are short sales waiting for lender approval. That’s in contrast to National Association of Realtors’ statistics that show median days on market down 29.6% from 98 days a year ago t o 69 days in July. While days on market are pulled from statistics maintained by local multiple listing services, the task is complicated because sellers sometimes take their homes off the market and relist them. Realtors sold 612 condo and townhomes in August at a median price of $65,000, down 2.3% from July, but up 16.1% from a year ago.
AUTHOR: CT HOMES, LLC |
