Local housing statistics released by the Greater Las Vegas Association of Realtors showed a decline in home sales and prices from June to July.
GLVAR President Rick Shelton, a longtime local Realtor, said this month’s statistics are another sign that the local housing market may be “bouncing along the bottom.”
“There’s no need for alarm,” Shelton said about this month’s statistics. “Our slight sales volume decrease is matching the increase we saw in the previous several months, due most certainly to the federal homebuyers tax credit. The tax credit expired at the end of April, bringing with it about a 12 percent falloff in sales. With all-time low interest rates and our hyper-deflated prices here in Las Vegas, we would hope not to see much more of an impact on sales volume.”
The median single-family home price in Southern Nevada during July was $135,000, down 3.6 percent from $140,000 in June and down 2.7 percent from July 2009. Shelton said that July was a departure from the previous three months, when local median home prices had been either stable or increasing slightly compared to the same month in 2009.
The median price of local condominiums and townhomes sold in July was $68,000. That’s down 2.9 percent from $70,000 in June, but up 1.5 percent from $67,000 one year ago.
According to the GLVAR, the total number of local homes, condominiums and townhomes sold in July was 3,748. That’s down from 4,265 in June and down from 4,602 one year ago.
The total number of local single-family homes sold in July was 2,948. That’s down 12.3 percent from 3,360 in June and down 21.1 percent from 3,738 in July 2009.
The total number of condos and townhomes sold in July was 800, down 11.6 percent from 905 in June and down 7.4 percent from 864 such sales one year ago.
Reversing a trend that had held steady through 2010, GLVAR reported a monthly decrease in short sales and an increase in sales involving foreclosed homes. In February, 22 percent of all existing homes sold in Southern Nevada were short sales. That number increased to 25 percent in March to 27 percent in April to 29 percent in May to a high of 34 percent in June to 31 percent in July. Meanwhile, Shelton said bank-owned homes accounted for 53 percent of all local home sales in February, falling to 50 percent in March to 43 percent in April to 40 percent in May to 38 percent in June before inching back up to 42 percent in July.
Shelton said the percentage of local homes purchased with cash went up last month, increasing from 42.5 percent of all sales in June to 45.9 percent in July.
This month’s GLVAR statistics include activity through the end of July. GLVAR distributes such statistics each month based on data collected through its Multiple Listing Service, which does not necessarily account for newly constructed homes sold by local builders or for sale by owners.
GLVAR provides its nearly 12,500 local members with education, training and political representation and is the local representative of the National Association of Realtors. For more information, visit lasvegasrealtor.com.