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Las Vegas

Local housing statistics released today by the Greater Las Vegas Association of Realtors show fewer home sales but higher prices in August compared to the previous month and year. GLVAR president Rick Shelton, a longtime local Realtor, said the association’s statistics continue to indicate that the local housing market is “bouncing along the bottom.” He said the expiration of the federal tax credit for homebuyers was a major contributor to the 12.7% decline in single-family home sales in Southern Nevada between August 2009 and August 2010. The tax credit sparked home sales last summer and until it expired April 30, but he said it also led to slower sales since then. “This decrease in sales from 2009 to 2010 is relative to the spike in sales we saw during this same time of year between 2008 and 2009, when the tax credit was available,” he says. Meanwhile, the median single-family home price in Southern Nevada during August rebounded to $140,000, up 3.7% from July, up 3.3% from August 2009 and matching the price from June 2010. The median price of local condominiums and townhomes sold in August was $67,000, down 1.5% from $68,000 in July, but up 1.1% from one year ago. Like last month, GLVAR reported a slight decrease in short sales and an increase in sales involving foreclosed homes. In February, 22% of all existing homes sold in Southern Nevada were short sales. That rose to 25% in March to 27% in April to 29% in May to a high of 34% in June to 31% in July to 30 % in August. Bank-owned homes accounted 53% of all local home sales in February, falling to 50% in March to 43% in April to 40% in May to 38% in June before inching back up to 42% in July and 43% in August. Shelton says that buyers are also benefiting from increases in the total number of homes listed for sale and the number of homes listed without any sort of pending offer. August marked the fourth straight month that both inventory categories showed an increased number of homes listed for sale.

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