The number of homes in the Las Vegas housing market have gone down in July to below an eight month supply, a possible reason since homes that have existed on the market have reached their highest mark when it comes to sales, in close to two years.
At 2007’s end, there was a twenty-two month supply of homes in Las Vegas. A report released recently bears more positive signs for the housing sector, for a reduction in inventory will lead to recovery in the current foreclosure crisis. This good news though, is not without a price, the homes that have sold to have sold at the lowest prices since the early part of 2004.
The number of existing homes sold in July, 2008 saw a 56 increase when in comparison to the sales of homes in July, 2007. July, 2008, had 3,173 sales and July, 2007, saw 2,027 selling. This July has seen the highest number of sales in 2008, crossing the 2,672 homes selling in June. When it comes to sales, this July was better than any other month since September 2006. The worst month this year was February, according to the report.
The last three months have seen Las Vegas averaging at 2,600 closings per month. Prices, though, have fallen. The 3,173 homes that were sold in July had a median price of 210,000. This price, since, March ‘04, was the 2nd lowest. The report also said that the median price of homes in Las Vegas hasn’t gone below the 200,000 mark since February, ‘04.
The primary reason for the decline in prices can be attributed to sales involving bank owned properties. Of all the homes that were sold in July, ‘08, 61 were bank owned, and their median price stood at 193,000. The median price of remainder of the 39 was 235,000. With prices of homes going down, and buyers buying their first homes receiving up 7,500 as federal money, foreclosure homes, this should be a welcome sign.
Leticia Carvalho has been educated in the finer points of the foreclosures market over 5 years. Read about the following article Positive Signs from Las Vegas, Nevada by Leticia Carvalho.
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