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StumbleLas Vegas home sales, prices stable in July
Monday, Aug. 10, 2009 | 7:41 p.m.
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Las Vegas-area home sales and prices generally held up in July following June's record sales showing, the Greater Las Vegas Association of Realtors reported Monday.
The Realtors said that with bank-owned foreclosure sales still dominating the market, sales of homes, condominiums and townhomes in July totaled 4,602, down 100 from June's record numbers, but the second-best showing on record. The sales generally don't include new homes or for-sale-by-owner transactions.
July's median price of single-family homes was $138,800 and the median price of condominiums and townhomes was $67,000. Compared to the previous month, this represents a 0.9 percent decline in the median price of homes and a 1.5 percent increase in the median price of condos and townhomes.
"We didn’t set another sales record in July, but we came close. This shows that the demand for homes in the Las Vegas area right now remains very strong," GLVAR President Sue Naumann said in a statement. "That’s a good thing for everyone involved in our local housing market. It’s also good to see prices staying about the same the past few months after falling for about two years."
Naumann added that bank-owned properties continued to drive the local housing market, accounting for about 73 percent of all home, condo and townhome sales in July. She said that’s a 1 percent decrease from June.
The Realtors also said:
--The number of local single-family homes sold in July was 3,738, down 1.2 percent from 3,785 in June, but up 44.2 percent from 2,592 sales in July 2008.
--The number of condominiums and townhomes sold in July was 864, down 5.8 percent from 917 in June, but up 141 percent from 358 one year ago.
--The median home price of $138,800 was down 36.9 percent from $220,000 in July 2008.
--For condos and townhomes, the median price of $67,000 was down 50.4 percent from $135,000 one year ago.
The number of local single-family homes listed for sale through July decreased 0.9 percent to 20,423, compared to 20,613 homes listed for sale in June. That inventory of homes is down 12.8 percent from one year ago.
The number of condos and townhomes listed for sale also decreased for the month, down 0.7 percent from 5,416 in June to 5,378 in July. That’s down 2.9 percent from July 2008.
Monday's report from the Realtors follows numbers issued last month for May by Standard & Poors in its S&P/Case-Shiller Home Price Indices, which showed that despite signs of stabilization nationwide, Las Vegas was among one of a few large cities to see continued declines in prices.
The Las Vegas real estate market has been aided by foreclosure-driven low prices, but has also been hampered by soaring unemployment that makes it impossible for many would-be buyers to qualify for mortgages. Clark County's unemployment rate was 12.3 percent in June.
The S&P/Case-Shiller Home Price Indices showed prices in Las Vegas fell 2.6 percent from April to May -- and were down 32 percent from May 2008.
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How many articles with this same topic are really needed to get the point across that the housing situation in Las Vegas is bleak? We all get it! Now please let's stop beating a dead horse and give the housing market sufficient time to find its bottom without persistent analysis from both optimists and doomsayers. It may take many years for things to stabilize, so the near daily reporting of house prices and sales is ridiculous.
Yea, we don't need to keep beating a 'dead horse' like housing in las vegas. . . . Beat the dead horse of health reform:
If the Republican conservatives in this country would stop fighting single payer health care socialization, the rest of us middle class workers would get free health care too (just like the illegals now enjoy)
What would it take to have conservatives open their brain that health reform, specifically HR 676 (yes google it), would be the only plan that would give us the same care as the illegals now get, and we would all get it for FREE. well at least we would all get it through our shared taxes.
http://www.npr.org/templates/player/medi...
This news report is the one I've been waiting for. . . The real facts on Canada's health care system. . .
http://www.npr.org/blogs/thetwo-way/2009...
Um, Shrek, hate to break it to you buddy, but there is no such thing as FREE health care. The whole point of the opposition to the Obama/Dem plan is that it is all a lie. The same people who have so beautifully run Medicare, Medicaid, DMV, etc., are now going to run the nation's entire health care system, better and cheaper (oops, for FREE). BWAHAAHAAHAAAHAAAAA!!!!
Lets see, this article is about home prices. Once again...Surprise...shrek uses it to spam us with his diatribe about health care. Shrek, go find an article about health care and knock yourself out, write all you want about it. There's no shortage of health care articles. Maybe I'll read one of them just to get your opinion on house prices. We're tired of seeing you write the same old thing in articles about house prices, gaming, Harrah's, MGM, Steve Wynn, Union organizing, etc. We read those articles to see the subject mentioned in the headline, and the responses to THAT subject. Quit "beating that dead horse".
Oh, one more thing shrek, Did you go to see Sean Hannity Saturday night when he was in town? Mark Levin was there too.
the bank are doing a great job stabilzing the home prices by manipulating the housing market again. oh yea screw fox news including hanity
"the rest of us middle class workers would get free health care too (just like the illegals now enjoy)"
FREE health care?? LOLOLOLOLOL NEVER will that happen. You're dreamin' and not getting it.
Stabilizing home prices, ie selling them at 75% of their worth.
Free health care? Are you stupid? Do you think that health care grows on trees and it doesn't cost someone, somewhere anything? Wake up, it is the taxpayers who will pay for it. Oh, but maybe people that are stupid and lazy are all for it, but be honest, it means "health care paid by others is free to me, suckers!"
In my opinion, the U.S is going to continue to go downhill if people are not held accountable for themselves: Generation couch-potato does not need free health care, they need a kick in the butt to work harder.
" Generation couch-potato does not need free health care, they need a kick in the butt to work harder"
They also need to stop frequenting all the fast food places! Fast food places should go the way of smoking in public- banned. I've never seen so many kids so fat my life! By the time these kids are 20, they will be needing medications normally reserved for us "mature" folks like Lipitor, high blood pressure meds, diabetes meds. THAT is what the gov't health plan will be paying for - all these fat butt kids who are going to grow up fat like their parents.
IF you've actually tried to buy a house in the past 4 months you'd kow that the corner has been turned on prices and the market in general. Homes are priced for bidding wars and there is a lot of pent up demand in the LV market...
katie, yes it is disgusting to see so many obese children and their fat parents. it is pathetic that the parents are too lazy to eat healthy and exercise, but even worse that they are too lazy to raise healthy children. And then many of them complain that they want "FREE" health care. As Americans, I guess that we have the right to be a fat, lazy, self-centered pieces of crap if we choose. The health care issue is pushing it too far though since others have to pay for it.
Here's the part the realtors won't tell you. This link is to a screen photo from CNBC today: According to Zillow, 83 percent of Las Vegas homeowners are underwater on their loans.
http://tickerforum.org/cgi-ticker/akcs-w...
The HORSE IS DEAD !!! spread the word.
Lots of comments having nothing to do with the story! Please...
The rich get richer, while the poor get poorer, the dumb get dumber, and the lazy get lazier. I know which side I want to fall on.
A return to the values of individual responsibility would solve all these problems, but who wants that when we can have a nanny telling us what to eat, how to take care of ourselves, ad infinitum? I can think of nothing more ... insulting.
Quit blaming fast food places for fat kids. It's all about how much you eat and how much exercise you get. All I ever see is thin kids outside playing. Are they thin because they eat "right", or are they thin because they're burning up calories while their fat friends sit inside playing video games.
Fast Food ??? I thought this story was about real estate...........
Maybe the moderator can remove all of the posts regarding fast food and fat kids. That is not on point.
If you monitor realtytrac.com, it shows you bank owned and pre-foreclosure homes. I've been watching it for months in the Henderson area. For the first time in a while the new postings for these types of properties have slowed. Many of the foreclosures are also being purchased.
In Lake Las Vegas, nearly 1/2 of the condos for sale are in pending or contigent status. When I last checked,in the Viera condos all but one of the foreclosures had not been sold or in pending/contigent status. This means the price point dropped to a comfortable level and people are buying. V was probably the hardest hit as many of them were never occupied and went right to the bank after they were built. Nearly all of units for sale in there are foreclosures and about 1/2 of them are on their way to being sold.
As long as that is s true statistic reported, this could be hopeful signs that the housing market is beginning to stablize. Aren't we all ready for some good news for a change? :)