Real Estate:

Las Vegas home sales rise, but prices fall

The latest Las Vegas-area home price statistics show again that year-to-year sales are up while prices are down.

The Greater Las Vegas Association of Realtors reported Tuesday that local sales of homes, condominiums and townhomes in January totaled 3,591. That was down from 4,250 sales in December, but was up from 3,214 sales in January 2011.

And in what has become a familiar pattern, the GLVAR said the higher year-to-year sales were accompanied by lower prices on homes it tracks — generally existing homes as opposed to new homes.

GLVAR reported the median price of single-family homes sold in January was $118,000, down 1.7 percent from $120,000 in December and down 5.6 percent from $125,000 one year ago.

The median price of local condominiums and townhomes sold in January was $55,000. That was down 6.1 percent from $58,550 the previous month and down 15.3 percent from $64,900 the previous year.

Prices fell even as the inventory tracked by the Realtors also fell.

The number of properties listed for sale on GLVAR’s Multiple Listing Service decreased from December to January, with a total of 19,160 single-family homes listed for sale at the end of last month. That was down 0.4 percent from 19,230 single-family homes listed for sale at the end of December and down 12.9 percent from one year ago.

"We continue to sell existing homes at a record pace and at bargain prices," GLVAR President Kolleen Kelley said in a statement.

With unemployment (12.7 percent) and foreclosure levels still elevated in Southern Nevada, some industry experts predict it will belate 2013 before Las Vegas home prices rise on a sustained basis.

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  1. Pretty soon, a person will be able to buy a brand new $40,000 car AND a house in Vegas all for under $120,000!!