Home sales in the Las Vegas region continued to fall in November as investors and first-time homebuyers dominated the market. A total of 3,693 new and resale houses and condos sold in the Las Vegas metropolitan area in November, down 6.8% from October and down 22.9% from a year ago, according to San Diego-based MDA DataQuick. MDA DataQuick tracks real estate trends nationally via public property records. New home sales suffered the biggest drop in November, down 15.6% from October and 42.2% compared to November 2009. This is the slowest November DataQuick has recorded for new home sales since they started recording and distributing data in 1994. Existing single-family home sales fell 7.3% from October and 20.9% from one year ago. Condos resales were down 14.4% from October and 14.1% from the same period in 2009. DataQuick said current homeowners are on the sidelines because so many are upside down — they owe more on their homes than what they are worth and “therefore aren’t in a position to move.” A Campbell/Inside Mortgage Finance survey found this to be a nationwide trend. The median home price in the Las Vegas metro area was $134,900 in November, up from $132,000 in October and almost equal with the price a year ago of $135,000. However, the current median home price is 59.1% below its peak in November 2006 at $312,000. Foreclosure resales – homes that had been foreclosed on in the prior 12 months – rose to 53.3% of the Las Vegas resale market, up from 52.9% in October, but down from 64.2% a year earlier. Foreclosure resales peaked at 73.7% of the resale market in April 2009. The number of homes foreclosed in November fell sharply. Lenders foreclosed 1,662 single-family homes and condos in Las Vegas, down 43.6% from October and down 17.8% from November 2009. RealtyTrac recently reported that November foreclosure filings fell nationwide by 21% because of lender reviews of foreclosure affidavits that sparked foreclosure suspensions in several states. Nevada posted the nation’s highest foreclosure rate for the 47th straight month despite a 20% decrease in November, according to the data firm. Write to Christine Ricciardi.
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