Although down from May, home sales in the Las Vegas area increased year-over-year in June. In June, 4,739 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area, according to DataQuick.
June’s numbers were down 4.7% from May, but rose 5.5% from a year earlier. Since 1994, sales between May and June have risen 8.0% on average. For the past three months, total home sales have increased year-over-year, following 10 consecutive months of annual sales declines.
Although total June sales in the Las Vegas region dropped 9.9% from the average number of homes sold during all months of June since 1994, resales of houses and condos combined were 15.0% higher than the average for the month of June. Sales of newly built homes dropped a shocking 60.8% below the average sales figure for June.
Mid- to high-end home sales continued to rise from year-ago levels, while the number of lower-cost sales dropped again.
Sales of homes priced under $100,000 fell 45.2% in June compared to a year ago, while the number of transactions below $200,000 dropped 17.5% year-over-year. Sales above the $200,000-mark skyrocketed 86.1% year-over-year, driven by a combination of home price appreciation and strong demand in mid- to high-end markets.
June sales of homes priced from $200,000 to $500,000 jumped 83.8% from a year prior, while the number of homes sold over the $500,000-mark more than doubled, up a shocking 109.1%.
Representing the highest Las Vegas-region median price for any month since the median was $175,000 in December 2008, the median price in June reached $169,100. June’s median price rose 3.7% from May and was up 35.3% from a year earlier.
The median has increased year-over-year for 15 consecutive months, with gains ranging from 1.7% to 35.3%. For the last 12 months, these year-over-year gains have been double-digit.