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Why is Las Vegas cooling so fast?

Sales, price appreciation dropping fast

Las Vegas
KEYWORDS DataQuick / Las Vegas
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The latest news from DataQuick is that Las Vegas-area homes sold at the slowest pace for a January in five years, as the median sale price dipped month-to-month but remained 22% higher than a year earlier.

Price growth has slowed, however, with the median’s year-over-year gain dropping to the lowest level in 15 months, the real estate information service reported.

DataQuick's report states that 3,232 new and resale houses and condos closed escrow in the Las Vegas market, down 15.1% from December and down 10.8% from January 2013.  

Total home sales for January were the lowest in five years, when just 3,127 homes were sold in January 2009.

Notably, resales of houses and condos were 14.7% above average for January, while sales of newly built homes were 63.5% below the January average.

DataQuick says that in the Las vegas area for the past several months home sales have been constrained by higher prices and mortgage rates, and the relatively low supply of homes on the market, especially in the lower price ranges. The available home pool is further limited by the number of homeowners who are still underwater and by the shrinking number of foreclosed properties.

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