Las Vegas Sun NewsLas Vegas Valley house prices flatten after 8 months of gains
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Tuesday
6 November 2012
10:55 a.m.
After eight months of gains, Las Vegas Valley home prices have flattened out.
The median sales price of a single-family house was $140,000 in October, the same as in September, but up 16 percent from a year ago, according to a report out today from the Greater Las Vegas Association of Realtors.
Last month marked the end of the longest run of monthly housing price increases since at least 2004, GVLAR said.
It was only a matter of time before the streak came to a halt, GLVAR President Kolleen Kelley said. There were more listings than sales last month, she noted, adding that as inventory rises, prices won’t climb as high.
“It’s supply and demand,” Kelley said.
Prices flattened amid a jump in sales. Single-family home sales rose by 12 percent from September to October but were down 4.3 percent from October 2011.
Condos and townhouses also had a mixed month. Their median sales price in October was $72,000, up 2.5 percent from September and up 22 percent from a year earlier. Sales volume increased by 6 percent but was down by roughly 13 percent from a year ago.
Other trends persisted. Last month, 54.1 percent of existing homes sold in Southern Nevada were bought with cash, down from 54.8 percent in September. Also, 44.7 percent of existing homes sold in October were short sales, down slightly from a record 44.8 percent in September, but up drastically from 25.4 percent a year ago.
The median price of bank-owned single-family homes sold last month was $132,575, up from $130,000 in September, while the median price of single-family homes sold through short sale was $127,500, the same as in September.
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One of the reasons for a poor housing market is that Las Vegas is NOT Friendly to Snowbirds.
1. The highway petrol targets out of town cars.
2. If a snowbird wants to license a car for Nevada- they are REQUIRED to buy full insurance including liability for the 6 months they are not in town. This is pure profit for the insurance companies and scares away Snowbirds from registering their cars in Nevada.
3. Classic car collectors can not afford to license and INSURE FULL TIME all of their cars because of this stupid and out of reality insurance requirement.
This forces most car collectors to NOT get license plates or insurance for the few times they drive their cars. WORSE yet, these car just sit in barns or garages BECAUSE THIS STUPID LAW makes it too expensive to drive their classic cars.
I know hundreds of car enthusiasts who WILL NOT MOVE to Las Vegas because of this STUPID YEAR ROUND FULL INSURANCE LAW.
IF you want people come to Las Vegas MAKE IT SNOW BIRD FRIENDLY!
Eight months of gains? Hmmm? Hard to believe. Propaganda from the real estate industry???
I think our months of gains were really due to a constricted market by homes that are in the process of foreclosure due to the new paper work banks have to go through before putting a home in the final state of foreclosure where it is then able to be sold by the lender. What we have are a lot of unoccupied homes that are now in a stalemate waiting to come to the market, and in the meantime unoccupied still burdening our tax system and local residents due to problems an unoccupied home can incur like degrading the value of homes around it, lending to crime as it's unwatched as well.
There are a number of issues that are keeping our housing market from flourishing, albeit slowly. We will also see normal seasonal slowing of home buying in winter months. Which is a typical trend.
way to stay on topic, Bob635, and please don't sugarcoat it, tell us what you really think.