July Home Sales Down, Prices Up
(Las Vegas, NV) — Las Vegas home sales continued to decline in July, but prices inched up, according to the Greater Las Vegas Association of Realtors.
Sales were down 10.1% from June, and 8.7% from July 2011. While fewer homes are selling, the market remains at or near the 2011 record sales pace for existing homes. Available inventory remains limited.
Sellers were gettting more for their homes in July. The median price rose .9% during the month, up 9% compared to July 2011.
A record 40% of all local transactions were short sales, while the number of foreclosure sales dropped to 20% from a record high of nearly 50% in recent years.