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Real Estate

Vegas home sales fall as sub-$200,000 purchases decline

Home sales in Las Vegas fell 15.6% in June from year-ago levels as the market experienced a steep drop in transactions in the sub-$200,000-price range, DataQuick said Friday.

The Las Vegas-Paradise metro area, or Clark County, Nevada, recorded 4,423 new and resale home sales in June, down 8% from 4,830 sales in May and a 15.6% drop from 5,262 sales a year earlier.

The drop in lower-priced home sales is attributed to a decline in lender-owned properties and a 4.5-year low in foreclosure re-sales. These conditions left the market with fewer distressed and lower-end properties.

Still, the median sales price edged up from year-ago levels, hitting a 19-month high with the median price reaching $125,000. The median price remains nearly 60% below the November 2006 peak median price of $312,000.

Meanwhile, the number of sales in the high-end market picked up. Properties sold in the $300,000-plus price range rose 10.8% from a year earlier, and sales in the $500,000-and-above range increased 35.9% from last year.

Still, increases in high-end sales were not enough to offset a 19.8% decline in homes sold in the sub-$200,000-range, and a 26.1% drop in sub-$100,000 home sales. 

Foreclosure resales and short sales represented only 48.7% of the resale market in June, down from 52.6% in May and 68.6% a year earlier.

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