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November 14, 2009

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Vegas new-home sales decline

Wednesday, Sept. 25, 2002 | 11:24 a.m.

New home sales in the Las Vegas Valley in August were down significantly, dropping 15 percent compared to the same month a year ago due to a lack of inventory, reported real estate research firm SalesTraq.

Home builders in Las Vegas closed on 1,863 new units in August, down from 2,199 units in August 2001. Despite the drop, valley new home sales are down just half a percent on the year due to a strong first half of 2002.

SalesTraq's data show the median new-home price rose 9 percent year-over-year to $184,676.

Existing-home closings were up 1 percent to 3,125 units in August, compared to 3,086 units in the same month a year ago. Existing-home sales in the first eight months of the year are up 16 percent over the same period a year ago. The median existing-home price in August was $149,900, up 6 percent year-over-year.

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