Home sales in Las Vegas dropped year-over-year for the 10th consecutive month as housing demand continued to prove greater than housing supply, DataQuick reported.
Lower-cost foreclosed-property sales remained relatively low, but the sale of mid-to-upper level price ranges surged once again. This trend in market mix assisted in pushing the median sale price up nearly 35% from one-year prior.
In March, 4,485 homes and condos closed escrow in the Las Vegas-Paradise metro area, up 11.8% from February and down 10.7% from March 2012.
Total sales in March were the lowest for the month in four years, 9.4% below the average number of homes sold during all months of March since 1994. For the past 19 years, the average sales jump from February to March has hovered around 27%.
With the exclusion of newly built homes, March sales were above average. Sales of existing homes were 13.2% above average for the month of March, while sales of newly built homes were 57% below average for the month.
However, new-home sales have been rising in recent months, up 17.5% in March compared with a year earlier.
Homes priced at under $100,000 dropped 49.3% in March year-over-year. Conversely, March sales of homes priced from $200,000 to $500,000 jumped 55.1% from a year earlier.