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Home sales in Las Vegas fall in August
Home sales in the Las Vegas Valley have fallen after the expiration of a federal tax credit for homebuyers.
Thursday, Sept. 9, 2010 | 11:10 a.m.
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The expiration of a federal tax credit for homebuyers continues to dampen sales in Southern Nevada.
The Greater Las Vegas Association of Realtors reported this morning that the 2,819 sales in August was 4.4 percent fewer than July and 12.7 fewer than August 2009. The $8,000 credit for first-time buyers and $6,500 credit for other buyers effectively ended in April and home sales have slowed over the summer.
GLVAR President Rick Shelton called the expiration of the tax credit a “major contributor’’ to the decline.
“This decrease in sales from 2009 to 2010 is relative to the spike in sales we saw during this same time of year between 2008 and 2009 when the tax credit was available.” Shelton said.
As for home prices, the GLVAR reported the median price rose 3.7 percent between July and August to $140,000. That is 3.3 percent higher than August 2009.
Bank-owned homes accounted for 43 percent of the sales in August, up from 42 percent in July. Short sales comprised 30 percent of sales in August, down from 31 percent in July.
The percentage of homes purchased with cash held steady at 45.9 percent, matching July and just shy of record levels, the GLVAR reported. This suggests investors continue to see value in buying at these prices, Shelton said.
In the condominium market, the 819 sales were 2.4 percent higher than July and 1.1 percent higher than August 2009, the GLVAR reported.
The GLVAR tracks sales in Clark, Nye, Lincoln and White Pine counties.
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Surprise Surprise.
Wonder if all the flippers and wanna-bee investors have foreclosed from their 0 down/interest only loans.
I'd like to know the 'real' numbers and charts.
the loss of the tax credit didn't dampen sales, it artificially boosted prices and artificially sustained the housing bubble.
that tax credit was the dumbest thing ever done on my and every other tax payers dime. lets give people money to buy a home that they can now afford?
who needs a tax credit to buy a home that is worth half of what it was 3 years ago?
seriously? why wasnt that promoted for free? someone 4 years ago that couldnt buy a home at 300k now can buy one for 130-160k;....thats incentive enough! thanks obama, for giving my money away instead of investing it in education or other possible ways of creating jobs.
what a moron our govt leaders are. fire them all. worthless
Thanks harry Reid. I would have blamed you for some of this but I read you deny any responsibility for the economic problems in this country.
What is it the Leader of the Senate has done in these last 4 years since the economy is not on your plate.
But atleast it's sunny 364 days of the year.. Who in their right mind buys in a desert?????
Same story, different month. Any guesses as to when this story is going to change? More pain and no gain is going to continue for a while.
I really hope that the people of Las Vegas will not vote in Harry Reid for another term. Regardless of what you think of Sharen Angle, she cannot do anyworse that Harry Reid.
Give this gal a shot, her ideals is whats giving the republican party new ideas when it comes to spending/deficit reduction, taxation, immagration, healthcare repeal, and Obama abuse of Americans.
The word Extreme is a Democrat word..so is racist, bigot, hater, etc..name calling is just getting so old...
gbigs, what exactly is your problem? Your agenda? Did Vegas steal your money? Your husband/wife? Your retirement? Are you a gambling addict? Did a relative die here? Did your girl or guy leave you for a stripper? What gives someone like you a seemingly pathological need to make the same comment over and over, with very little alteration and zero context? Say something useful.
Serpent, same question. Some of America's best people have settled the warty and the west for hundreds of years. What, exactly, is your problem?
and next months excuse is? rain stopped buyers?
I really can't afford six more years of Reid, or any Reid for that matter, can you? We can do something about that in November...
I don't have a problem.. The smart people are leaving. Your havin a water issue very soon. Enjoy your problems.
Some people can't see the forest for the trees.
If Sharon angle gets in this city is done. NO hope with an extremist that will only help the corporations and the super rich. Meanwhile sexual predator John Ensign does nothing for Nevada.
NoVaseline - The word Extreme is a Democrat word..so is racist, bigot, hater, etc..
I did not know that. You learn something every day from the GOP Geenus people. All those Democrats are just mean evil people and the GOP peoples are perfect in every way.
MarketYou, I am tired of ignorance. Harry Reid did not cause this mess. For the millionth time, The Banks Did!, and the state keeps us there because of lack of education and diversity. I have stated facts to prove this many times. I am tired of ignorant people who don't see both sides of the issue. edspit: I am a democrat and I do not believe all people who disagree with me are racists, bigots, or haters. If you believe this, look in the mirror. When a person points the index finger at someone or group and accuses, 3 fingers are pointing back with the thumb grasping the 3. for your need to be right, you are turning into the people you hate.