Wednesday, August 05, 2009

Las Vegas Home Sales Increase 15th Straight Month

DQNews.com -- Las Vegas region June home sales climbed to the highest level for any month since December 2006 as more than two-thirds of all buyers in the resale market continued to snap up foreclosures. The median sale price held steady, marking the second month in a row in which it didn't erode on a month-to-month basis, as it had for 16 consecutive months prior to May.

A total of 5,519 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County) last month, up 21.7% from May and up 44.1% from a year ago (see chart above). It was the highest sales total for any month since 5,780 homes sold in December 2006, and the highest for any June since 8,110 homes sold in June 2006.

June marked the 15th consecutive month in which sales of existing single-family detached houses rose on a year-over-year basis. The 4,042 single-family house resales last month were the highest for any June since 4,846 sold in June 2005. Resale condos have seen an annual sales gain for 12 straight months.

The median price paid for all new and resale houses and condos sold in the Las Vegas metro area last month was $135,000, unchanged from May but down 41.3% from $230,000 a year ago (see chart above).
Originally posted at Carpe Diem.

1 Comments:

At 8/06/2009 12:33 AM, Anonymous PotatoChef said...

Warning: Do not think that these numbers in any way indicate a turning of the corner in the Las Vegas Real Estate Market.

The exact opposite is true. I live in Las Vegas and know about these things.

The commercial real estate market is in free fall here. The condo (hi-rise) market is in free fall here. It is predicted by Deutche Bank that 90% of all houses in Las Vegas will be worth less than what is owed on them by 2011.

The sky is falling in Las Vegas. Don't get suckered into believing that the sun is coming up tomorrow. It isn't.

MGM/Mirage has announced that they are cutting the price of all condo units, under contract and still to be sold, at City Center. The reason? Everyone was walking away from them. People were willing to give up their hefty deposits rather than owe more on a brand new unit then they were worth from day one.

The competition from other casinos in the USA and from around the world is bringing Las Vegas' "One Trick Pony" to its knees. And I'm sorry to say there is not a very easy way for this city to get out of this jam.

The people driving up the home sales here in Vegas will be the foreclosure victims of the next few years. The market here has taken a short break from its free fall. But I'm sorry to say that it will continue.

 

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