July home sales in Las Vegas second-best on record

Greater Las Vegas Association of Realtors reported that 4,602 homes, condominiums and townhomes were sold in Las Vegas last month. That’s down one-hundred from June but still the second-best showing on record, the association of realtors said.

Of the 4,602 homes, condominiums and townhomes sold in Las Vegas last month, the association of realtors said bank-owned foreclosure sales dominate. Bank-owned properties account for about 73 percent of all home, condo and townhomes sold in July, the association of realtors said.

In a statement, Sue Naumann, president of Greater Las Vegas Association of Realtors said, “We didn’t set another sales record in July, but we came close. This shows that the demand for homes in the Las Vegas area right now remains very strong.”

According to the Greater Las Vegas Association of Realtors, last month, the median price of single-family homes in July was $138,800; while the median price of condominiums and townhomes was $67,000. In contrast with the data from June, this represents a 0.9 percent decrease in the median price of homes and a 1.5 percent rise in the median price of condominiums and townhomes.

Greater Las Vegas Association of Realtors report also showed:
Median home price of $138,800 decreased by 36.9 percent from $220,000 in July 2008;

Median price for condos and townhomes was $67,000, a decrease by 50.4 percent from $135,000 the previous year;

Single-family homes sold last month was 3,738, a 1.2 percent decrease from 3,785 in June, but a 44.2 percent increase from 2,592 sales in July 2008;

Condos and townhomes sold last month was 864, a 5.8 percent decrease from 917 in June, but 141 percent increase from 358 in the previous year;

Single-family homes listed for sale last month was down 0.9 percent to 20,423, in contrast to 20,613 homes listed for sale in June; and

Condos and townhomes listed for sale was down in July, a 0.7 percent decrease from 5,416 in June to 5,378 in July.