Las Vegas Foreclosures for Sale Kept Home Prices at Bay

by on cities

The percentage of Las Vegas foreclosures for sale that closed in October declined, but the percentage was still high, keeping at bay home price increases, based on data from the Greater Las Vegas Association of Realtors.

In October, 64.5 percent of all home sales in Las Vegas were bank-owned foreclosed homes, a decrease from the 67-percent share in September. This still high percentage of foreclosure sales controlled the increase in the median sales price for all types of homes sold as the median price for bank-owned foreclosed homes in October was $116,900.

The median sales price for all types of homes in Las Vegas in October increased by only $1,100 to $139,100 from the September median of $138,000. Compared to the August median price of $135,500, the increase was bigger, but the median was still lower by almost 27 percent compared to September last year.

The realtor association also reported that the overall sales of single-family houses increased in October. The increase rejuvenated real estate professionals who are hoping that the array of positive signs arising over the past weeks such as increase in home sales, stability of home prices and reduction in housing inventory are real indicators of a significant recovery from Las Vegas foreclosures for sale.

The realtor association said that sales of single-family homes climbed up by 30 percent to 3,535 units in October, compared to sales in October last year. Sales also marked more than 5 percent of increase from total sales in September. The number of days that nearly 75 percent of homes stayed on the market also dropped to less than 2 months.

Rick Shelton, incoming president of the realtor association, predicted that home sales and home prices will continue to improve in the coming months because of the expansion and extension of the first time home buyer tax credit.

Additionally, the inventory as of October remained at almost 21,000 units, with most of the units already listed as pending sales. The number of units without purchase offers total 8,075.

Sue Naumann, current president of the realtor organization, also predicted that the expansion and extension of the tax credit initiative will push up home sales.

Naumann also explained that the sales figures presented were based on data from the Multiple Listing Service and did not include sales by home builders, owners and other sales not handled by realtors.

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