Tuesday, September 3, 2013

July Las Vegas Home Sale Press Release

Las Vegas Region July Home Sales

Las Vegas-area home sales rose in July as absentee buyers continued to account for over half of all activity and sales above $300,000 more than doubled compared with a year earlier. The median price paid for a home – $173,000 – rose year-over-year for the 16th consecutive month to the highest level in four and a half years, a real estate information service reported.

In July, 4,812 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County). That was up 1.5 percent from the month before and up 12.0 percent from a year earlier, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

On average, sales between June and July have declined 8.0 percent since 1994, when DataQuick's complete Las Vegas-area statistics begin. Total home sales have increased year-over-year for the past four months, following 10 consecutive months of year-over-year sales declines.

Total July sales in the Las Vegas region were the highest for that month since 2009 and were 0.3 percent below the average number of homes sold during all months of July since 1994. However, resales of houses and condos combined were 24.4 percent above average for the month of July, while sales of newly built homes were 55.0 percent below average.

The number of mid- to high-end home sales continued to jump from year-ago levels, while low-end activity declined sharply again.

Sales of homes priced below $100,000 dropped 41.5 percent in July compared with a year earlier, while the number of transactions below $200,000 fell 14.0 percent year-over-year. The number that sold for more than $200,000 surged 99.9 percent year-over-year, pushed up by the combination of home price appreciation and strong sales in mid- to high-end markets. July sales of homes priced from $200,000 to $500,000 – a range that would include many move-up purchases – jumped 101.4 percent from a year earlier, while the number sold over $500,000 increased 86.2 percent.

The median price paid for all new and resale houses and condos sold across the Las Vegas region (Clark County) in July was $173,000, which is the highest for any month since the median was $175,000 in December 2008. The July median rose 2.3 percent from the prior month and increased 34.2 percent from a year earlier. The median’s year-over-year gains over the past 16 consecutive months have ranged from 1.7 percent to 35.3 percent. Those gains have been double-digit for the last 13 months.

Recent sharp increases in the median sale price reflect price appreciation triggered by strong demand meeting a relatively low supply of homes for sale, as well as changes in market mix. Fewer of the homes re-selling now are low-cost foreclosed properties, and more are move-up homes in mid- to high-priced neighborhoods.

Despite the median’s year-over-year surge in July, it was still 44.6 percent below its November 2006 peak of $312,000. The median has been rising off a cyclical trough of $110,000 in January 2012, which was the lowest level since the median was also $110,000 in April 1994.

Las Vegas region July highlights (see two charts at DQNews.com)

Media calls: Andrew LePage (916) 456-7157

Copyright 2013 DataQuick. All rights reserved.

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