Southern Nevada home sales fell in July compared to June and prices continued to creep downward, according to statistics released today by the Greater Las Vegas Association of Realtors.
The 3,164 sales of single-family homes in July fell 12.8 percent from June in a repeat of what happened last year as sales fell by double digits during the summer months. Compared to July 2010, single-family home sales rose 7.3 percent, the GLVAR reported.
The median price of homes sold in July was $122,000, down 2 percent from $124,500 in June and down 9.6 percent from $135,000 in July 2010.
GLVAR President Paul Bell said the prices reflect investors and cash buyers purchasing homes at bargain prices. More than one-third of all sales were for less than $100,000 and more than half of foreclosed homes have been selling for less than $100,000, he said.
The median price of bank-owned single-family homes sold in July was $107,000. The median price of homes sold in a short sale was $132,000. The GLVAR reported 52 percent of all existing homes sold were purchased with cash, up from 50 percent in June.
Some 20.2 percent of homes sold in July were short sales. That’s down from 21.6 percent in June and down from a peak of 34 percent in July 2010.
Bank-owned homes accounted for 50.2 percent of sales in July, up from 47.2 percent in June.
In the condominium and town home market, the 873 sales in July was 4.2 percent lower than June, but 9.1 percent higher than July 2010.
As for the median price, it fell by 1.5 percent to $59,000. It’s down 13.2 percent from $68,000 in July 2010.
The number of single-family homes on the market at the end of July was 22,442, down 1.1 percent from June but up 3.2 percent from July 2010. Of those homes, 10,975 don’t have offers on them, down 3.3 percent from June.
There were 4,553 new listings in July, 7.8 percent fewer than June and 2.8 percent fewer than July 2010.
The GLVAR tracks home sales on the Multiple Listing Service in Clark, Nye, Lincoln and White Pine counties. Some of the sales may include new homes.