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.

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