GLVAR reports increases in sales

Housing statistics released Nov. 9 by the Greater Las Vegas Association of Realtors show another monthly increase in home sales and prices.

According to the GLVAR, the total number of homes, condominiums and townhomes sold in October was 4,385. GLVAR President and Realtor Sue Naumann said that's up from 4,217 total sales in September, with that increased demand for homes in Southern Nevada being fueled largely by investors and first-time homebuyers.

Naumann said home sales may remain strong in the coming months in part because Congress and President Barrack Obama just extended the federal tax credit available to first-time homebuyers and expanded the tax credit to include so-called move-up buyers.

"Like our counterparts across the country, GLVAR members are glad to see the tax credit being extended and expanded to help more people buy a home," she said. "This has been a big boost to our economy and our local housing market. We're especially pleased to see the government offer a tax credit of up to $6,500 to qualified repeat homebuyers. This should increase sales to move-up buyers, who now have more incentive to buy a home at today's bargain prices."

GLVAR statistics show the median price of single-family homes sold in Southern Nevada in October was $139,100, up 0.8 percent from $138,000 in September. Meanwhile, the median price for condominiums and townhomes jumped 6.5 percent, from $65,720 in September to $70,000 in October.

This month's GLVAR statistics include activity through the end of October. The association 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.

This month's highlights include:

The total number of local single-family homes sold in October was 3,535, up 5.3 percent from 3,358 in September and up 30.1 percent from 2,718 in October 2008.

The total number of condos and townhomes sold in October was 850, down 1.0 percent from 859 in September but up 105.3 percent from 414 such sales one year ago.

The median price of a single-family home sold in Southern Nevada in October was $139,100. That's up 0.8 percent from $138,000 in September but down 26.8 percent from $190,000 one year ago.

For condos and townhomes, the median sales price increased 6.5 percent from $65,720 in September to $70,000 in October. That's down 36.1 percent from $109,575 one year ago.