Las Vegas Sun

October 20, 2014

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Home sales rise as prices continue slide

Home sales and home prices headed in different directions last month, according to figures released today.

The Greater Las Vegas Association of Realtors said the number of homes sold in Southern Nevada in June increased for the sixth consecutive month. The Realtor group reported that 2,226 homes were sold last month, which is up nearly 10 percent from May -- and an increase of more than 50 percent compared to June 2007.

The number of homes sold last month rose to levels not seen in nearly two years in the Las Vegas area.

Despite the increase in sales, prices continued to tumble. The median price of homes sold by a Realtor last month slumped to $225,000, which is down 5 percent from last month and down more than 26 percent from last June.

The region had 23,388 homes for sale at the end of June, which held steady from a month earlier. At last month's sales pace, Southern Nevada had about a 10 1/2-month supply of homes on the market.

The Realtor group said more than half of homes sold are owned by lenders or are short sales, which is when a lender agrees to let a house be sold at less than the loan balance.

Condos are having a more difficult time than single-family homes.

The Realtor association said 294 condos were sold by a Realtor in June, which is down about 15 percent from June 2007. The median price of those condos was down more than 29 percent in the past year, to $137,500 last month.

With 5,537 condos on the market at the end of June, Southern Nevada had nearly a 19-month supply available.

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