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Las Vegas September home sales buoyed by move-up buyers

Home Prices
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Despite the Las Vegas area posting a slowdown in sales last month when compared to August, overall activity was still slightly higher when compared to year ago levels, as relatively strong move-up buyers buoyed sales, the most recent DataQuick report reveals.

Approximately 4,218 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area in September, down 10.5% from the month before, but up 3.1% from a year earlier.  

The slowdown in sales follows past trends, with sales between August and September, falling 8.6% on average since 1994.

In addition, September sales in the Las Vegas region were the highest for that month since September 2011 and remained 9.6% below the average number of homes sold during all months of September since 1994.

However, if the resale of houses and condos are put together, it was 14.3% above average for the month, while sales of newly built homes were 56.3% below the September average.

The number of homes that sold for more than $200,000 soared 67.1% year-over-year, lifted up by the combination of home price appreciation and strong demand in mid- to high-end markets.

On the other hand, sales of homes prices below $100,000 fell 46.2% in September, while the number of transactions below $200,000 fell 19.6% year-over-year.

The median price for a home averaged $175,000 for all new and resale houses and condos sold in September, a 1.1% drop from $177,000 the prior month, but 27.7% higher than $137,000 a year ago.

"The sharp annual gains in the median price reflect two factors: First, prices have risen as stronger housing demand, fueled in large part by low mortgage rates, has met a relatively low supply of homes for sale," DataQuick said.

"Second, the median has been nudged higher by changes in market mix – fewer of the homes re-selling now are low-cost distressed properties, and more are mid- to high-cost move-up homes," the company added. 

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