Home sales in the Las Vegas-area dropped year-over-year for the sixth consecutive month in November, according to DataQuick. There was a large jump in sales of homes between $200,000 and $500,000, but the drop in sub-$200,000 sales counterbalanced it.
Seasonal factors typically push the region’s sales down in October and November, with the average decline 4.2% since 1994. Last month, total sales were 5.6% below the average number of homes sold in November.
Due to a decrease in distressed sales and more move-up buying, the median sale price increased year-over-year for the eighth consecutive month. The median sale price for all new and resale homes and condos sold in Las Vegas in November was $143,000, the highest median since March 2009.
The sharp increase in the median sale price is likely due to price appreciation reflecting strong demand and a low supply of homes for sale. Additionally, 17.8% of total sales were new homes, which are on average more expensive than resale homes.
Click on the chart below from DataQuick to compare the median sale price and number of sales from November 2011 to last month.