Las Vegas Home Sales Slump
The median price paid for all new and resale houses and condos sold in the Las Vegas metro area in May was $134,000, virtually unchanged from $133,955 in April and down 0.7% from $135,000 a year earlier. In April, the median had risen above the year-ago level by 0.7%, marking the first annual gain since February 2007.
Last month's median was 57.1% below the peak $312,000 median in November 2006.
The median price paid for resale single-family detached houses - by far the region's largest home-type category - was $137,500, down 1.8% from $140,000 in April and down the same amount from $140,000 a year earlier. The May resale house median was 56.0% lower than the peak $312,250 resale house median in June 2006.
The median price paid last month for resale condos was $72,000, down from $75,000 in April but up 5.9% from $68,000 a year earlier, marking the second consecutive annual gain for existing condos in three years. The resale condo median has been hovering a bit above or below $70,000 each month over the last year. May's resale condo median stood 64.5% below its $203,000 peak in July 2006.An alternative price gauge - the median paid per square foot for resale single-family detached houses - slipped in May to $77, down from $78 in April but the same as a year earlier. Last month marked the second month in a row in which that price measure didn't fall year-over-year. Prior to this April, the median paid per square foot had fallen year-over-year during each month since late 2006. May's figure was 59.5% below the June 2006 peak of $190 per square foot. Meantime, foreclosures eased last month from April's level but rose year-over-year. In May, 2,701 single-family house and condo units were foreclosed on in the Las Vegas region, down 17.2% from April but up 16.0% from a year ago. The peak month was February 2009, when 3,718 homes were foreclosed on. The figures are based on the number of Trustees Deeds filed at the Clark County recorder's office.
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