Nearly two-thirds of Las Vegas homes sold at loss in 2nd quarter

Nearly two-thirds of existing Las Vegas homes sold in the second quarter were at a loss to the owner, according to a report released by Zillow.

The real estate research firm reported 64.9 percent of homes in Las Vegas were sold at a loss compared with 34.1 percent nationwide. By area, 66 percent of homes in Henderson, 64.6 percent in Las Vegas and unincorporated areas and 70.1 percent in North Las Vegas sold at a loss.

In the Las Vegas Valley, Zillow reported 82.7 percent of all single-family homes with mortgages were underwater during the second quarter, down from 84.5 percent in the first quarter. Nationally, 26.8 percent of homes were underwater, meaning they are worth less than what is owed on mortgages.

Through the end of June, Las Vegas home prices have fallen 6.2 percent from the second quarter of 2010 and are down 1.2 percent from the first quarter of 2011, Zillow reported.

It lists the median price at $127,100. Since the housing market’s peak in May 2006, Zillow said prices have declined 61.2 percent, and prices are back to May 1999 levels.

Nationally, home prices have fallen 28.8 percent since the peak of the market in June 2006. The national median home price was $171,600 in the second quarter.

Zillow chief economist Stan Humphries said prices have fallen since the federal homebuyer tax credit ended in spring 2010, and he expects home prices to hit bottom in 2012.

In its breakdown, Zillow reported that Boulder City had the highest median price at $187,200, which is a 16.6 percent increase over the first quarter but down 11.2 percent over the past year.

That was followed by Henderson with $158,700, a drop of 11.2 percent over the past year. Las Vegas had a median price of $122,500, a 5.8 percent year-over-year drop, and North Las Vegas’ median price was $107,900, a 6.4 percent year-over-year decline.

Seventy-eight percent of valley homes have had declining values in the past 12 months, including 83.9 percent in Boulder City, 85.8 percent in Henderson, 76 percent in Las Vegas and 75 percent in North Las Vegas, Zillow reported.

The median price per square foot of valley homes sold in the second quarter was $72, a 9.3 percent decline in the past year. Boulder City was at $113 per square foot, a decline of 17.4 percent. Henderson had a median price of $82 per square foot, a decline of 16.2 percent. Las Vegas was at $71 per square foot, a decline of 9.1 percent, and North Las Vegas was $60 per square foot, a decline of 7.4 percent.

The valley had 9,756 sales in the second quarter, a 15.3 percent decline over the first quarter but 12.3 percent higher than the second quarter of 2010.

Those sales included 6,962 in Las Vegas and unincorporated areas, 1,318 in Henderson, 1,202 in North Las Vegas and 40 in Boulder City.

About 55 percent of existing homes sold in the second quarter were foreclosures, a 20.4 percent increase over the second quarter of 2010. North Las Vegas had the biggest chunk at 61.7 percent, followed by 56.1 percent in Las Vegas and unincorporated Clark County. Henderson had 48.3 percent of its sales as foreclosure sales and Boulder City had 47.1 percent.

Just 12.4 percent of valley homes were flipped in the past year, meaning they were sold within 12 months. North Las Vegas had the highest percentage at 13.9 percent, which was a 7 percent decline.

The median price for rental homes in the valley was $1,150 during the second quarter. It was $1,300 in Henderson, $1,100 in Las Vegas and unincorporated areas and North Las Vegas. The rents fell 4 percent from the first quarter.