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In October, 4,570 new and resale homes sold in Las Vegas, up 11.7% from last month, but down 0.7% from last year, according to DataQuick.
New home sales continue to rise with a 55% increase compared to last year. Total sales were up 0.5% from the average number of homes sold during all months of October since 1994.
Generally, home sales fall between September and October. However, the three extra business days included in October extended the transaction period.
Home resales and condos were 27.6%, while new home sales were 52.2% below average for the month.
The median price for new and resale homes and condos was $137,000, tying with September as the highest median price since 2010. The October median price was up 19.2% from last year, compared to year-over-year gains of 19.1% in September.
The sharp gains in the median sale price are a result of decline in the share of all resales that were foreclosed properties. The rise in mid-to high-end deals also pushed the overall median.
From a year earlier, for the fifth consecutive month, home sales in Las Vegas fell due to a decline in homes sold under $100,000 and a drop in foreclosure sales.
The total numbers of homes sold under $100,000 fell 34.2% from last year.
Foreclosure resales accounted for 16.7% of resale activity, the lowest level since 2007. This is down 19.1% from last month and 52.85 from last year.
Short sales accounted for 42.2% of the resale market, compared to an estimated 42.5% last month and 23.4% last year.
New homes accounted for 16% of all sales, up from 10.3% a year earlier. Absentee buyers purchased 50.2% of all homes sold this month, up 48.5% from last month and up 46.6% from last year.
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