U.S. Treasury Secretary Jack Lew warned Congress in a letter Friday that his department will begin implementing ‘extraordinary...
The U.S. Department of Housing and Urban Development will close its offices nationwide on Friday, May 24th. The news comes as a...
Las Vegas area home sales in January grew to the highest level for the month in five years as sales below $200,000 — and especially $100,000 — boomed.
In January, 4,038 new and resale houses and condos sold in Clark County's Las Vegas-Paradise metro area, up 8.5% from the year-ago month and down 16.6% from December, according to San Diego-based DataQuick.
Continuing a months-long trend, January sales were strongest in the lower price ranges. Transactions below $100,000 surged 26% from a year earlier and represented 44.6% of all deals, compared to 38.4% of all sales in January 2011.
January 2012 sales below $200,000 rose 11.2% year-over-year, while the number above $200,000 fell 3.2% from a year earlier. Sales above $300,000 fell 9.1% in the same period.
The median price paid for all new and resale houses and condos sold in Las Vegas in January came to $110,000, down 7.6% from 119,000 in January 2011 and 4.3% from $115,000. The figure is the lowest since April 1994 when the median was also $110,000 and is 64.7% below the November 2006 peak of $312,000.
The median’s recent decline is attributable to home price depreciation, robust sales of low-cost foreclosures; robust sales to investors, historically low new-home sales and higher-than-usual condo resales, according to DataQuick, which noted that distressed property sales made up two-thirds of all resale activity in Las Vegas.
And more homebuyers are taking advantage of cash discounts. A Campbell/Inside Mortgage Finance survey found that between October and January, the number of homeowners purchasing residences with cash grew from 30.8% to 34.1%.
Cash buyers in Las Vegas purchased 53.7% of the Las Vegas-area homes that sold in January, down from 54.5% a year earlier and up from 50.9% of sales in December. The record was set in February 2011 at 56.7%.
The median cash purchase in the month totaled $80,000 for a home in the Las Vegas area, down from $92,250 a year earlier and $81,000 in December.
Don’t miss out: get HW delivered via email