Home sales, prices tumble in September as inventory rises

By Buck Wargo

Friday, Oct. 8, 2010 | 10:56 a.m.

The sale of homes in Southern Nevada by Realtors continued to tail off in September, and that weaker demand has dropped prices, according to the latest report from the Greater Las Vegas Association of Realtors.

The 2,806 sales of single-family homes in September were down 0.5 percent from August and down 16.4 percent from September 2009, the GLVAR reported.

The median price fell 3.6 percent between August and September from $140,000 to $135,000. The median price is down 2.2 percent from September 2009 to September 2010.

GLVAR President Rick Shelton said the numbers suggest the Las Vegas housing market is bouncing along the bottom. He said the end of a federal tax credit that fueled summer sales is responsible for slower sales in recent months.

In the condominium and town home market, the 797 sales in September were 2.7 percent lower than August and 7.2 percent lower than September 2009.

The median prices of condominiums and town homes sold fell 3 percent in September to $65,000. That price is 1.1 percent lower than September 2009.

The GLVAR numbers reflect sales of homes and condos in Clark, Nye, Lincoln and White Pine counties that are part of the Multiple Listing Service.

The GLVAR reported that 42 percent of the sales in September were owned by banks, down from 43 percent in August. Short sales comprised 30 percent of September’s sales, the same percentage as August.

The percentage of homes purchased with cash accounted for 45.4 percent of sales in September, about the same as August.

September marked the fifth consecutive month that inventory has increased, Shelton said. The GLVAR reported 22,719 homes were listed, 9 percent higher than September 2009. The number of homes listed without offers was 11,887, a 50 percent increase over September 2009.