November Update - Home sales, median prices rise in Las Vegas

Nov. 10, 2009
Copyright © Las Vegas Review-Journal

Single-family home sales continued to post big numbers in October and median prices rose for the second straight month, the Greater Las Vegas Association of Realtors reported Monday.
There were 3,535 home sales during the month, a 5.3 percent increase from September and a 30.1 percent increase from the same month a year ago.
The median price climbed to $139,100, up from $138,000 in September and from $135,500 in August. It's down 26.8 percent from a year ago.
Inventory remained steady at nearly 21,000 units, though most of the listings are contingent or pending sale, the Realtors group said. Only 8,075 units are available without offers.
The percentage of bank-owned home sales declined to 64.5 percent in October, compared with 67 percent in September.
Recent data show the dismal housing market making a turnaround, but there are still supply and demand issues that will hamper the recovery.
Low interest rates, falling home prices and the first-time homebuyer tax credit have all contributed to a seasonal upturn in housing.
Statistics from the Greater Las Vegas Association of Realtors are based on data collected from the Multiple Listing Service and do not necessarily account for sales by owners, homebuilders and transactions not involving a Realtor.