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.

Latest Articles

[PULSE] How to manage rental properties during a global crisis

As the current U.S. unemployment rate hovers above Great Depression-Era levels, many property owners are having rent delinquency, leasing and management issues. So, what can an investor do during the current economic situation to protect their asset?

Jul 02, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please