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GLVAR statistics show continuing trend of rising home sales, declining prices

Greater Las Vegas Association of Realtors has released February’s local housing numbers and they show the recent housing trends continuing with declining home prices, a stable inventory of homes on the market and home sales increasing.

GLVAR reported 2,288 single-family homes sold in the valley in February, up 108.4 percent from the 1,098 sales at the same time last year. Compared to January, 2.9 percent more homes were sold.

Home prices continue to drop and fell to a median price of $155,603. That’s down 2.7 percent from the previous month’s $160,000 median price and 36.9 percent from one year ago.

Condominiums and townhomes sales were up 166.3 percent last month compared to the 166 sales a year ago. February’s 442 sales was up slightly from January’s 440 transactions.

For condominiums and townhomes, the median sales price decreased 6.3 percent, from $80,000 in January to $75,000 in February. That’s down 50 percent from $150,000 one year ago.

“These statistics are in line with trends we’ve seen over the past year or so,” said GLVAR President and local Realtor Sue Naumann. “It’s encouraging to see more homes selling each month, but we know declining prices are driving these increasing sales. And with bank-owned properties accounting for at least three out every four sales in Southern Nevada, foreclosures are still forcing home prices to fall.”

Naumann said the value of all real estate transactions tracked through the MLS during January increased slightly from the previous month, totaling more than $421 million in single-family home sales, up 1.6 percent from nearly $415 million worth of single-family home sales in January and up 29.0 percent from one year ago.

Nearly $42 million in local condo and townhome properties were sold during February, down 7.3 percent from January’s nearly $45 million in such sales. That’s down 8.5 percent from one year ago.

GLVAR distributes 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.

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