Las Vegas Home Sales Increase for the 14th Straight Month; Highest October Sales Since 2006
DQNews -- First-time buyers and investors pushed Las Vegas-area home sales higher in October as the overall median sale price held at $130,000 for the fourth consecutive month. Foreclosure resales remained a major market force but continued to wane. In October, 66.8 percent of the Las Vegas-area houses and condos that resold were foreclosure resales, meaning those homes had been foreclosed on in the prior 12 months. That was down from 67.1 percent in September but up from 64.7 percent in October 2008. Foreclosure resales peaked in April this year at 73.7 percent of the region’s resales.The median price paid for all new and resale houses and condos sold in the Las Vegas metro area in October was $130,000, unchanged from September but down 33.7 percent from $196,000 a year earlier.
A total of 5,068 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area in October, up 1.1 percent from September and up 22.2 percent from a year earlier (see chart above). It was the highest sales total for an October since October 2006, when 5,693 homes sold. October marked the 14th consecutive month in which sales have risen on a year-over-year basis.