The Greater Las Vegas Association of Realtors reported that the year’s trend of increasing home sales combined with falling prices continued in April. Again, to no one’s surprise, the driver of these trends is the fact that more than half of all homes sold last month were either bank-owned or short sales. The median price of a single family home fell 3 percent from March to April, and is down a whopping 22.7 percent from April of 2007.
Lead by short sales and foreclosures, home sales rose 35 percent last month, extending the upward swing to three months according to the March real estate report released today by the Greater Las Vegas Association of Realtors. On a yearly basis, sales are off nearly 8 percent from March of 2007. The median price of homes continued to decline, and now stands at $243,000, down 1.4 percent from February and down 20.3 percent from March of 2007.
The Greater Las Vegas Association of Realtors reported Monday that home sales increased by nearly 12 percent in February, marking a two-month streak in sales growth.But dig deeper, and you’ll find what is likely driving the sales growth: continued fire sale prices. The medium home price fell again in February, albeit slightly (1.4 percent), driven by a large number of short-sales and banks frantically dropping prices on foreclosed homes. (more…)
A year-end look at the housing market in and around Las Vegas is telling property owners what many already knew.
Home Builders Research says new home sales were down more than 45 percent for the year, compared with the boom in 2006. Existing home sales were just as weak. They were down almost 41 percent.
Northern Nevada home builders are cutting jobs and inventory to survive the coming year and slumping housing market. Perry DiLoreto, a Damonte Ranch developer in south Reno, said he is not building a single house and is waiting until buyers are more confident about their jobs and housing prices and are ready to buy.
Nationwide, home construction starts in 2007 dropped 24.8 percent, the largest decline in 27 years.
- From the Associated Press
The average price of a single family home fell 4.9 percent from $273,000 in November and is 15.1 percent off the mark from December 2006, according the Greater Las Vegas Association of Realtors.
The big drop seems to be related to sales of foreclosed homes or short sales. From the assocation’s press release:
“GLVAR President Patty Kelley said December is traditionally a slow month for home sales, mostly due to the holiday season. She said December’s GLVAR statistics may not, however, be a true reflection of the marketplace due to the high number of local homes that are vacant and owned by investors, banks and other lenders, who sold last month at deeply discounted prices to get the properties off their 2007 books.”
Read the entire press release after the jump.
SalesTraq reported the median price for new homes in the valley in August was $309,241, 13 percent below its peak in April 2006. The median existing-home price was $270,000 in August, down 6.8 percent from its June 2006 peak.
The prices of new and existing homes have been steadily dropping in Las Vegas since mid-2006 and likely will continue to plummet.
That’s according to several professional traders and national economists monitoring the valley’s real estate market. Futures contracts on the housing market that trade on the Chicago Mercantile Exchange indicate Las Vegas is sliding toward the country’s largest price decline. Some are predicting as much as a 20-percent drop in home prices by 2010.
More from LasVegasNow.com >>
With the number of foreclosures in the U.S. on the rise, Nevada has the dubious distinction of leading the way. Of the 179,599 foreclosures reported nationwide during July, Nevada’s share was was 5,116 filings - that is one filing for every 199 households. To put that in perspective, the national foreclosure rate is one for every 693 households.
You can read the entire story here.