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April 16, 2014

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Las Vegas home prices drop to August 2003 levels

Number of foreclosures last month was the fewest since March

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Steve Marcus

While prices of new homes held steady in the Las Vegas area last month, existing homes saw another steep drop in their median sales price in November — down to levels not seen since summer 2003.

The price of existing homes sold in Las Vegas in November plummeted to their lowest level since August 2003 and the new-home and condominium market continued its dismal performance, according to statistics released by SalesTraq.

The median price of the 2,737 existing homes sold in November was $170,500, a decline of $9,500 from October. The November prices are 33 percent below the same month a year ago.

The reason for the decline was the continued impact of foreclosure homes. Some 62 percent of the existing home closings were bank-owned with a median closing price of $160,000. The other 38 percent of closings had a median price of $198,000.

The one bright spot is there were 2,028 foreclosures in November, the fewest number since March.

In the new-home market, the 622 closings were the fewest this year and means sales won’t top 10,000 for the year. There were 19,446 sales in 2007.

The 187 new-home permits issued in November was the fewest this year.

Prices of new homes, meanwhile, held steady. The median price was $244,000, up $1,000 over November.

The high-rise and mid-rise market was dismal with 13 closings in November. There were 69 in November 2007.

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