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Published Wednesday, Nov. 10, 2010 | 11:24 a.m.
Updated Wednesday, Nov. 10, 2010 | 11:40 a.m.
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Southern Nevada home sales continued to weaken in October and prices fell as a result, according to a report released today by the Greater Las Vegas Association of Realtors.
The 2,599 sales of single-family homes were 7.4 percent lower than September and down nearly 27 percent from October 2009.
The median price of homes on the Multiple Listing Service was $133,000, down 1.5 percent from $135,000 in September. The price has fallen 4.4 percent from $139,100 in October 2009, the GLVAR reported.
Sales have fallen since the federal government ended its tax credit, effectively on April 30, for first-time homebuyers and move-up buyers.
The GLVAR attributed the decline to seasonal trends because fewer homes have sold in October compared to September, since 2005.
“We can also expect less activity in the coming months as we head into what is traditionally our slowest season for home sales,” said GLVAR President Rick Shelton. “After weathering the holiday months of November, December and January, I’d expect local home sales and hopefully prices to pick up a bit through 2011.”
In the condominium and town home market, the GLVAR reported the 786 sales fell 1.4 percent from September and 7.5 percent from October 2009. The median price was $65,000 – the same as September, but 7.1 percent lower than the $70,000 it was in October 2009.
The slowdown in sales is increasing the inventory on the market without offers.
The GLVAR reported the availability of homes at the end of October was 22,570, a 0.7 percent decline from September, but there were 12,379 homes without offers. That’s an increase of 4.1 percent from September and 53.3 percent from October 2009.
Investors continue to play a key role in Southern Nevada housing market sales. The percentage of homes purchased with cash accounted for 46.5 percent of all sales in October, up from 45.4 percent in September.
“We’re not aware of any other major city in the nation that has seen such a high percentage of cash buyers for a prolonged period of time,” Shelton said. “This speaks volumes about our housing market and how well-funded buyers believe that prices here will eventually appreciate.”
The GLVAR tracks sales on the MLS in Clark, Nye, Lincoln and White Pine counties. It may include some new homes as well.
Obama/Reid and friends are going to fix the housing crisis:
A proposal by Obama's deficit commission suggests eliminating the mortgage deduction.
I am sure this will help the housing market reach a new low.
It has taken the Obama Administration two years to come up with this remedy???
Always Be Closing
"Were not aware of a market with this many investors buying for this long"
Shelton said. Heres a couple for ya Shelton old boy. Miami, Phoenix,Tampa, Modesto, Fresno, Madera, Tucson, Orlando,Reno.........
The housing crisis is a culmination of several mistakes not just one person, our President, a certain party. Its everyones fault. The people that bought homes they couldn't afford. But to think that housing prices will be going up anytime soon you'll be sadly mistaken. This will go on for a long time. Investors will continue buying here as they are a good deal. Problem is that banks won't fund those that would like to buy so we will sit in this type of market for years. When un-employment gets back down to 4-5% and after a few years later that is when the housing market will begin to blossom. You heard it here first
DONT WORRY !!! IT WILL GET BETTER IN ONLY 10 YEARS
And all this time, I thought Harry and Barry had fixed the housing crisis.
Don't worry Harry Reid is in office now and will fix things...
has a realtor ever said prices are going to go down...
ever...
hee hee hee...
LarryVegas once again spewing sewage from his mouth. Dude dont you have anything better to do that complain about Obama and Reid as if they had anything to do with the housing crash.
Bwany Fwank was wesponsible!
This is because potential buyers realize that "the unemployed are hobos" Heller, "let them eat cake" Heck and "play a shell game with taxes" Sandoval will to nothing to help the unemployed or homeowners who get caught in a bind. You are on your own folks. The main agenda item for the Republican'ts is tax breaks for the super wealthy inherited wealth crowd (people like Paris Hilton.)
vc spews:
"LarryVegas once again spewing sewage from his mouth. Dude dont you have anything better to do that complain about Obama and Reid as if they had anything to do with the housing crash."
My post that the vc dude is referring to:
"And all this time, I thought Harry and Barry had fixed the housing crisis.
Don't worry Harry Reid is in office now and will fix things..."
OK Dude, where in my post did I blame Obama and Reid for the housing crisis?
Talk about "spewing sewage from his mouth."
Ahh Larry, the mortgage deduction plan was cosponsored by republican - former Wyoming Sen. Alan Simpson. So not only did Obama go across party lines to try and get something fixed, but the guy from your party made the proposal that you now whine about.
I have been trying to buy a house but the bank won't get back to me. I have multiple offers in on houses but the bank just decides to sit on them. The only houses available are short sales and foreclosures so that's what i have offers in on but no response. All that bailout money but banky no workey!!!
the housing market crash? blame the bush administration and a bunch of pissed off muslims that crashed a bunch of planes.
Yep. Banks are sitting on offers. Delaying, delaying, delaying. Disgusting. They don't care if they jerk you around for 6 months...and then look to kill the deal.
Until the banks make a concerted effort to sell the glut the housing market will continue to flounder here. Get it over with, like a bandaid..quick. Then we can heal.
I would rather see buyers come in who actually want to live in the home rather than people looking to flip it down the line or rent it to undesirables.
I guess Caesar does not remember that I am a registered Independent and that I could care less about Alan Simpson.
The proposal by Obama's deficit commission to eliminate the mortgage deduction might put the housing market is such a crisis that the country moves into a depression.
If you hear a sucking sound it's the middle class headed to the bottom. If you REALLY want to educate yourself read; Freefall by Stiglitz or Bailout Nation. And there are plenty other economic books out there; if you care to read.
Or you can continue to tune into your favorite REP or DEM radio and TV show; catch a few sound bites; then go around repeating those all the way to the bottom.
LarryVegas once again spewing sewage from his mouth. Dude dont you have anything better to do that complain about Obama and Reid as if they had anything to do with the housing crash.
*****
vc
What do you expect from one of those "uninformed voters" (if he even voted at all!). I noticed MANY of the "Tea Baggers Let's Blame Obama For Everything" are pretty uninformed about so many things. So I just laugh at some of the comments from the same stupid ilk as LarryVegas.
i love the liberals on here.
clinton and barney frank FORCED banks to make bad loans with the threat if they didn't, they'd be called "racist" and be shut down.
sooo...the loans were made, of course they went bad, and the foreclosure slide began circa 2005 and became noticeable in 2008, the last year of the bush administration.
And just a few weeks ago (before the election) There were many articles out there stating that the market had turned around and was moving back upward. The truth is that the market is in the condition it is because too many people bought way over their heads and re-fi'd every 6 or 8 months to buy a car, boat or whatever, while prices were overheating. If anyone walks on a loan, they should be banned from taking another mortgage until they make good on the old loan. We stayed in out little house while our neighbors laughed in our face as they told of their new $350k house in a "nicer" neighborhood. Now those losers are crying the blues because those mean people at the banks expect them to PAY THEIR OBLIGATIONS. That former neighbor who laughed in my face was eventually foreclosed on and living in his van when he knocked on my door wanting to "borrow" some cash. I reminded him of what he said when he moved to his new "palace"......don't know if he ever found any cash that day. Now the old neighborhood isn't so bad to live in after all, is it? How's that van working out?
Well said Las Vegas 2009. This is a great time to buy if you are in the market. We can no longer look at houses as cash cows, it was never meant to be that way. At least, not before a owner had paid a significant amount of equity in their home.