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Las Vegas February home sales get a boost

Las Vegas home sales for the month of February rose to their highest level for that month in six years, with the area seeing 4,240 homes and condos closed in escrow.

That is up 5% from January and 8.9% from February 2011, according to real estate analytics firm DataQuick. The latest data covers sales in the Las Vegas-Paradise metro area, or Clark County.

Many of the sales occurring in Las Vegas were at the lower-end of the price spectrum. DataQuick said the number of transactions below $100,000 increased 18.9% over the previous year, representing 42% of all February deals.

The number of sales last month in the below $200,000-range increased 11.2% year-over-year.

Meanwhile, higher-end sales increased at a slower pace.

February sales above $300,000 rose 1.1% compared to a year ago, while sales in the $500,000-plus range increased 4.4%.

The median price point on new and resale homes and condos in February hit $112,000, up 1.8% from $110,000 in January but down 5.9% from $119,000 in February 2011.

The area's general decline in median home prices is blamed on price depreciation, the robust sale of low-cost foreclosures and sales to investors. 

kpanchuk@housingwire.com

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