Foreclosure Inventory Drying Up in Vegas: MDA DataQuick
The inventory of previously foreclosed homes is drying up in the Las Vegas region, causing sales volume to decrease from July to August, MDA DataQuick said. There were 4,716 new and resale homes and condos sold in the greater Las Vegas region. That’s down 11.2% from July, but up 16.5% from the same month one year ago. Of those sales, previously foreclosed properties accounted for 68.4% of all sales, down from 69.7% in July and the April peak of 73.7%, but up from 63.2% in August 2008. The median price for all new and resale homes and condos was $129,990, down slightly from $130,000 in July, but down nearly 40% from 215,000 one year ago. Sales have risen year-over-year for 12 consecutive months, but median sales price has fallen for 28 straight months on a year-over-year basis. In August, the median price was 58.3% below the region’s peak of $312,000 in November 2006. Write to Austin Kilgore.