According to the latest report from MDA DataQuick, May marked the first time in 21 months that Las Vegas region home sales dropped below the year-ago level. A total of 4,386 new and re-sale houses and condos closed escrow in the Las Vegas-Paradise metro area, down 1.7 percent from April and 3.3 percent below last year’s level. According to MDA DataQuick, this was the second-lowest home sales total for the month of May in ten years.
The drop-off in sales was due in part to a decline in foreclosure re-sales, consisting of 49.5 percent of all re-sales in May. Foreclosure re-sales were 51.9 percent in April, representing a significant decrease since the record high of 73.7 percent of all re-sales in April 2009. While overall home sales declined, the median home price for a Las Vegas area home in May was $134,000, virtually unchanged from $133,955 in April and down just 0.7 percent from $135,000 one year ago.
Joshua D. Carlson, Esq.