Thursday, Jan. 8, 2009 | 1:11 p.m.
Sun archives
- Dec. 29 -- Single family home sales in 2008, Clark County
- Nov. 25 -- Index: Vegas home prices at January 2004 levels
- Nov. 18 -- Home prices show signs of stability in October
- Nov. 10 -- Home sales, prices fall in October
- Oct. 8 -- Home sales up last month as prices continue tumble
- Sept. 12 -- Nevada holds on to nation’s highest foreclosure rate
- Sept. 9 -- Home prices slide as sales activity stays steady
Las Vegas home sales were brisk in December, but they came at a price.
The median price of homes sold on the Multiple Listing Service in December fell $11,000 to $175,000, according to the Greater Las Vegas Association of Realtors. That’s a 33 percent drop since December 2007. The prices — more reflective of prices in 2003 — show no indication of stabilizing.
The median price of new listings in December was $170,000, an 8 percent decline from November. Prices continue to fall because banks are selling homes they foreclosed. Three of four homes sold in December were owned by banks.
In December, 2,498 homes were sold, a 184 percent increase over December 2007. In November, 2,183 homes sold.
Investors looking to rent out homes for income and other buyers looking to capitalize on the affordability have kept sales strong. Most of the sales on the listing service are existing homes.
In the condominium market, 456 units sold in December, a 16 percent increase over November and 173 percent increase over December 2007. The median price was $89,900, which is down 51 percent since December 2007.
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