Home sales in Las Vegas continue their slump
This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.
Freshly released data show August home sales in Las Vegas dropped to a two-year low for that month. Prices remained stagnant on a year-over-year basis but increased when compared with July.
Sales in August slipped 0.9% from July and 9.5% from August 2009 for a total of 4,270 new and resale houses and condos sold in the Las Vegas-Paradise metro area, according to real estate research firm MDA DataQuick of San Diego.
That follows a steep 22.2% month-over-month drop in July, brought on by the expiration of the popular federal tax credits for home shoppers.
Sales of newly built homes fared the worst, falling to their lowest level on record for an August.
Despite a glut of foreclosures in the area, new home sales in Las Vegas had picked up earlier this year as builders marketed smaller, less expensive properties to first-time buyers as an alternative to foreclosure properties.
As in other parts of the country, sales in Las Vegas have suffered from a slow economic recovery and a lack of significant job growth. Buyers are also now taking their time to commit to purchases without the pressure of the tax-credit deadlines, DataQuick said.
The median price paid in August for a previously owned single-family home was $135,000, up 4.7% from $129,000 in July and the same as August 2009.
-- Alejandro Lazo