Las Vegas Sun

March 28, 2024

REAL ESTATE:

Home sales in Las Vegas fall in August

Housing

Sam Morris

Home sales in the Las Vegas Valley have fallen after the expiration of a federal tax credit for homebuyers.

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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