GLVAR shows lower prices, more sales

Recent local housing statistics released by the Greater Las Vegas Association of Realtors show a recurring pattern of more homes selling in Southern Nevada at lower prices.

For the second straight month, GLVAR statistics show a dramatic increase in the number of local homes sold last month compared to one year ago. In October, GLVAR reported sales increasing 179.1 percent for homes and 110.2 percent for condominiums and townhomes, compared to October 2007. This follows similar year-over-year sales increases of 181 and 81 percent in September.

Meanwhile, GLVAR reported that the median price of all types of homes being sold in Southern Nevada continued to decline in October, dropping more than 30 percent from October 2007.