Home sales dropped in Las Vegas for the fourth month in a row while median sale prices saw an increase year-over-year.
September sales were 13% below average of homes sold during all months of September since 1994, and were also the lowest for that month since September 2007 — 3,054 homes were sold, according to DataQuick.
In September, 4,090 new and resale houses and condos closed escrow in Las Vegas. This is down 15% from August and down 12.8% from the year prior.
Foreclosure resales were at the lowest level since September 2007, which is at 19.2%. The month’s figure dropped from 21.8% from August and 56.3% a year prior.
Overall, the report suggests that the housing market in Las Vegas continues to drop because people owe more money on their current homes then what they are worth. Consequently, people aren’t able to list their homes for sale at a profit.
DataQuick has also noted that the median price paid for all new and resale homes and condos sold in September was $137,000. This was the highest since the median sales price in June 2010, which was $139,000. The median sales price did edge up 3% from August and rose 19.1% from a year prior.
The upside of the housing market is that homes are selling fairly quickly. In September, 7.2% of all homes sold on the open market were sold within a six-month period. This reflects a 6.4% improvement from August and a 3.6 increase from a year prior.
In regard to the overall market for September, mid-to-high cost homes saw an increase on a year-over-year basis while low-end sales saw a decline.
Homes selling for less than $100,000 fell 37.4% from year-ago levels. Home selling for less than $200,000 also fell 20.4% from year ago levels. However, homes for more than 500,000 rose 19.4% from a year prior.
The rise from mid-to-high level homes increased the overall median, with a 19.1% annual rise.