Slowing Nevada housing market seen in research firm's numbers


Nevada’s slowing housing market showed in Monday numbers from a national research firm.

California-based RealtyTrac found little change in sales numbers and asking prices in the Silver State in October.

RealtyTrac reported 89,301 annualized sales in Nevada in October. That was unchanged from September, but down 5 percent when compared with October 2012.

Nevada’s median sales price stayed at $160,000 from September to October, though it was up 21 percent year over year. In Las Vegas, the median of $155,000 was up 19 percent.

Las Vegas is no longer at the top of the list for annual sales gains, as it was over the summer. Instead, Detroit ranked No. 1, at 38 percent. San Francisco saw prices jump 32 percent. Other cities with higher appreciation included Sacramento, Calif.; Jacksonville, Fla.; and Atlanta.

Nationally, home sales ticked up 2 percent month to month and 13 percent year to year in October. The median sales price of $170,000 was unchanged from September, but up 6 percent from October 2012.

Nevada also had above-average distressed sales. RealtyTrac reported that 11.4 percent of buyers here in October were large, institutional investors such as private equity firms, compared with 6.8 percent nationally. More than half — 55.5 percent — of Nevada homes were bought with cash, which indicates investor activity. Nationwide, 44.2 percent of homes went to cash buyers.

And at 14.2 percent, Nevada’s share of short sales was the highest in the country. Florida ranked No. 2 at 13.6 percent, and Maryland No. 3 at 8.2 percent. Nationally, 5.3 percent of all sales were short sales.

Contact reporter Jennifer Robison at jrobison@reviewjournal.com. Follow @J_Robison1 on Twitter.

 

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