Las Vegas home sales in April were essentially flat over April 2010 with just a 0.4% uptick, while prices slumped 13% as foreclosures continued to dominate the market, according to DataQuick. About 4,500 new and resale homes and condos sold in the Las Vegas metropolitan area last month, down 9.5% from March. The median price paid for all new and resale houses and condos sold was $116,500, sliding 13% from a year earlier and down 0.4% from March. It was the seventh consecutive month in which the median price fell year-over-year, and the magnitude of the decline was the highest in since the median fell 17.2% year-over-year in February 2010. Still, sales hit a five-year high in April, as investors and cash buyers flocked to the distressed market. DataQuick attributed the slight growth in sales to an influx of cash-only purchases. In April, 54.1% of sales transactions involved cash buyers, up slightly from 54% in March and up from 47.6% a year earlier. Cash buyers paid a median $90,000 for a home last month, according to the San Diego-based research firm. Prices are continually trending downward due to the amount of distressed sales every month. DataQuick said about 62% of all market sales in Las Vegas were attributable to distressed properties in April. This sector also made up 68% of the resale market. DataQuick reported a slight rise in the number of foreclosed properties in April. Lenders foreclosed on 3,682 single-family homes and condos during the month, up 8.9% from February and up 11.2% from April 2010. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.
Most Popular Articles
The CFPB has been taking a long, hard look at some of its rules and regulations. Next up on its list to review is TRID, and it looks like eliminating the rule entirely is not off the table.
Despite lingering regional variances, the nation’s existing home sales increased 1.9% in October, according to the National Association of Realtors. This means sales are now 4.6% above October 2018’s rate.