Homes in the Las Vegas area sold at the fastest pace for an April in seven years due, in large, to investor and cash buying...
Lender Flagstar Bancorp is reportedly considering the sale of $70 billion in mortgage servicing rights. Bloomberg reported on...
Home sales in Las Vegas fell 15.6% in June from year-ago levels as the market experienced a steep drop in transactions in the sub-$200,000-price range, DataQuick said Friday.
The Las Vegas-Paradise metro area, or Clark County, Nevada, recorded 4,423 new and resale home sales in June, down 8% from 4,830 sales in May and a 15.6% drop from 5,262 sales a year earlier.
The drop in lower-priced home sales is attributed to a decline in lender-owned properties and a 4.5-year low in foreclosure re-sales. These conditions left the market with fewer distressed and lower-end properties.
Still, the median sales price edged up from year-ago levels, hitting a 19-month high with the median price reaching $125,000. The median price remains nearly 60% below the November 2006 peak median price of $312,000.
Meanwhile, the number of sales in the high-end market picked up. Properties sold in the $300,000-plus price range rose 10.8% from a year earlier, and sales in the $500,000-and-above range increased 35.9% from last year.
Still, increases in high-end sales were not enough to offset a 19.8% decline in homes sold in the sub-$200,000-range, and a 26.1% drop in sub-$100,000 home sales.
Foreclosure resales and short sales represented only 48.7% of the resale market in June, down from 52.6% in May and 68.6% a year earlier.
Don’t miss out: get HW delivered via email