Las Vegas home sales up for 7th straight month
ReviewJournal.com – Business – Las Vegas home sales climb higher in July.
Las Vegas continues its climb out of the real estate meltdown with existing home sales increasing for the 7th straight month. Home buyers are obviously sensing bargains in the market and sales are brisk. The market is nowhere near normal conditions yet, as 50-60% of sales are foreclosure properties. Here are a few of the more interesting figures and quotes:
- Median sales price of $220,000 was 25% below July 2007 and 2% lower than June 2008.
- Available inventory equals a 9 month supply down from 13 months at the end of June.
- A significant portion of listed homes are short sales but only 9% of the actual sales for July were short sales.
(Realtor Robin) Camacho’s research showed 40 percent to 50 percent of listings as short sales, yet only one in five escrow closings was a short sale.
“I don’t show them and I know many other agents don’t either,” Camacho said. “I will list them occasionally, but it is such a struggle to get them approved that I really can’t devote a lot of time to this. It’s really just a service to some of my clients.”
It appears the real estate market in Las Vegas is working to work off foreclosed inventory. There will be little chance of price increases until foreclosures are a small portion of overall sales. Result for Sacramento should be available next week and give us a picture of how the market is recovering there.
I write about the Sacramento and Las Vegas markets because I am familiar with them and they seem to be leading the real estate recovery, just as they were the poster children for the previous excesses.
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