Las Vegas Home Sales Lowest Since 2008
Las Vegas Home Sales Lowest Since 2008
Las Vegas Home Sales Lowest Since 2008
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September 13, 2012 (Shirley Allen)

Home sales in the Las Vegas area remained dismal again during July, with sales at the their lowest level since July of 2008, but home prices continued to improve as fewer foreclosure re-sales pushed prices higher according to the latest data released from DataQuick.

A total of 4,280 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area in July. Sales were 3.3 percent lower than the 4,423 homes sold in June and were 5.6 percent lower than the 4,535 homes sold in July of 2011. Home sales for the month were the lowest since 2008.

Home sales in the region typically decline 8.2 percent between June and July and were 11.6 percent below the average number of homes typically sold during the month.

New home sales were 21.0 percent higher than last year but were still almost 63 percent below their historical average, while existing home sales were 8.7 percent lower than in July of last year and 12.4 percent below their historical average.

Cash buyers accounted for 53.5 percent of the purchases in July, which was up from 51.4 percent in June and up from 53.0 percent a year earlier. The record for cash purchases was in July 2011, when 56.7 percent of the sales were for cash.

The price that cash buyers paid for their purchases in July increased to $104,500 from $99,000 in June, and was up from $85,243 in July of last year.

Absentee buyers, usually investors and vacation home buyers, accounted for 51.0 percent of all homes sold in July, unchanged from June. The prices they paid for their purchases increased to $108,000 from $104,000 in June and were up from $93,050 in July of 2011.

The overall median price paid for new and resale homes and condos in July was $128,800, up from $125,000 in June and up from $115,000 in July of last year. It was the fourth consecutive month that year-over-year prices have improved after 21 consecutive months of declines.

July’s median price was still 58.7 percent below the peak median price of $312,000 in July 2006.

Distressed property sales accounted for 43.5 percent of the re-sale market in July with foreclosure re-sales accounting for 25.8 percent of total re-sales, down from 32.6 percent in June, and short sales accounting for 17.7 percent of total re-sales, up from 16.0 percent the previous month. Foreclosure re-sales were at their lowest level since November 2007.

Foreclosures in the area declined from June to July with lenders foreclosing on 864 single-family homes and condos, up from 1,102 foreclosures in June. The highest number of loans foreclosed by lenders in a single month was a year ago in July 2011, when lenders foreclosed on 3,818 loans.

Notices of default (NoDs) increased 3.1 percent in the tenth month following the new Nevada law that created additional requirements in order to foreclose on a property, increasing from 1,568 in June to 1,618 in July. In September of last year, the month before the new law took effect, 4,507 NoDs were filed.

Tags: Las Vegas real estate, existing home sales, distressed properties, resale homes, condos, cash buyers, investors, median price

Source:
DataQuick

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Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
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15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
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September 13, 2012 (Shirley Allen)

Home sales in the Las Vegas area remained dismal again during July, with sales at the their lowest level since July of 2008, but home prices continued to improve as fewer foreclosure re-sales pushed prices higher according to the latest data released from DataQuick.

A total of 4,280 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area in July. Sales were 3.3 percent lower than the 4,423 homes sold in June and were 5.6 percent lower than the 4,535 homes sold in July of 2011. Home sales for the month were the lowest since 2008.

Home sales in the region typically decline 8.2 percent between June and July and were 11.6 percent below the average number of homes typically sold during the month.

New home sales were 21.0 percent higher than last year but were still almost 63 percent below their historical average, while existing home sales were 8.7 percent lower than in July of last year and 12.4 percent below their historical average.

Cash buyers accounted for 53.5 percent of the purchases in July, which was up from 51.4 percent in June and up from 53.0 percent a year earlier. The record for cash purchases was in July 2011, when 56.7 percent of the sales were for cash.

The price that cash buyers paid for their purchases in July increased to $104,500 from $99,000 in June, and was up from $85,243 in July of last year.

Absentee buyers, usually investors and vacation home buyers, accounted for 51.0 percent of all homes sold in July, unchanged from June. The prices they paid for their purchases increased to $108,000 from $104,000 in June and were up from $93,050 in July of 2011.

The overall median price paid for new and resale homes and condos in July was $128,800, up from $125,000 in June and up from $115,000 in July of last year. It was the fourth consecutive month that year-over-year prices have improved after 21 consecutive months of declines.

July’s median price was still 58.7 percent below the peak median price of $312,000 in July 2006.

Distressed property sales accounted for 43.5 percent of the re-sale market in July with foreclosure re-sales accounting for 25.8 percent of total re-sales, down from 32.6 percent in June, and short sales accounting for 17.7 percent of total re-sales, up from 16.0 percent the previous month. Foreclosure re-sales were at their lowest level since November 2007.

Foreclosures in the area declined from June to July with lenders foreclosing on 864 single-family homes and condos, up from 1,102 foreclosures in June. The highest number of loans foreclosed by lenders in a single month was a year ago in July 2011, when lenders foreclosed on 3,818 loans.

Notices of default (NoDs) increased 3.1 percent in the tenth month following the new Nevada law that created additional requirements in order to foreclose on a property, increasing from 1,568 in June to 1,618 in July. In September of last year, the month before the new law took effect, 4,507 NoDs were filed.

Tags: Las Vegas real estate, existing home sales, distressed properties, resale homes, condos, cash buyers, investors, median price

Source:
DataQuick

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

September 13, 2012 (Shirley Allen)

Home sales in the Las Vegas area remained dismal again during July, with sales at the their lowest level since July of 2008, but home prices continued to improve as fewer foreclosure re-sales pushed prices higher according to the latest data released from DataQuick.

A total of 4,280 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area in July. Sales were 3.3 percent lower than the 4,423 homes sold in June and were 5.6 percent lower than the 4,535 homes sold in July of 2011. Home sales for the month were the lowest since 2008.

Home sales in the region typically decline 8.2 percent between June and July and were 11.6 percent below the average number of homes typically sold during the month.

New home sales were 21.0 percent higher than last year but were still almost 63 percent below their historical average, while existing home sales were 8.7 percent lower than in July of last year and 12.4 percent below their historical average.

Cash buyers accounted for 53.5 percent of the purchases in July, which was up from 51.4 percent in June and up from 53.0 percent a year earlier. The record for cash purchases was in July 2011, when 56.7 percent of the sales were for cash.

The price that cash buyers paid for their purchases in July increased to $104,500 from $99,000 in June, and was up from $85,243 in July of last year.

Absentee buyers, usually investors and vacation home buyers, accounted for 51.0 percent of all homes sold in July, unchanged from June. The prices they paid for their purchases increased to $108,000 from $104,000 in June and were up from $93,050 in July of 2011.

The overall median price paid for new and resale homes and condos in July was $128,800, up from $125,000 in June and up from $115,000 in July of last year. It was the fourth consecutive month that year-over-year prices have improved after 21 consecutive months of declines.

July’s median price was still 58.7 percent below the peak median price of $312,000 in July 2006.

Distressed property sales accounted for 43.5 percent of the re-sale market in July with foreclosure re-sales accounting for 25.8 percent of total re-sales, down from 32.6 percent in June, and short sales accounting for 17.7 percent of total re-sales, up from 16.0 percent the previous month. Foreclosure re-sales were at their lowest level since November 2007.

Foreclosures in the area declined from June to July with lenders foreclosing on 864 single-family homes and condos, up from 1,102 foreclosures in June. The highest number of loans foreclosed by lenders in a single month was a year ago in July 2011, when lenders foreclosed on 3,818 loans.

Notices of default (NoDs) increased 3.1 percent in the tenth month following the new Nevada law that created additional requirements in order to foreclose on a property, increasing from 1,568 in June to 1,618 in July. In September of last year, the month before the new law took effect, 4,507 NoDs were filed.

Tags: Las Vegas real estate, existing home sales, distressed properties, resale homes, condos, cash buyers, investors, median price

Source:
DataQuick

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.