July home sales mostly foreclosure resales

About 70 percent of the homes resold in Las Vegas area for the month of July were homes that had been foreclosed in the last 12 months, this according to  
DataQuick.

DataQuick also reported that for the month of June, close to 70 percent of the homes resold in Las Vegas were also foreclosure resales.

DataQuick is a San Diego-based firm which tracks U.S. real estate trends  through public property records.

Compared to foreclosure resales of July last year, foreclosure resales in July  this year rise by 62.5 percent, DataQuick added.

The firm said the foreclosure resales reached its peak in April of this year, with 73.7 percent of  foreclosure resales in Las Vegas.

The real estate information service reported that Las Vegas home sales rose for 11 successive months as first-time buyers and investors, including those making “cash” deals, strategically sought out lower-cost, post-foreclosure properties. 

The firm added that the median sale price in July dipped by 4 percent from June.

DataQuick’s report on Las Vegas July home sales also include the following key findings:

For the month of July, a total of  5,311 homes were sold in Las Vegas-Paradise metro area (Clark County). This is the highest sales for any July since July of 2006 when home sales reached 6,530. 

Resales of 3,925 single-family homes were the highest for any July since July 2005 when 4,555 single-family homes were sold. 

For 13 successive months,  resale of condos have increased with sales in July being the highest since 2005.

DataQuick reported, “Sales of newly built homes remain extremely slow, largely because home builders can’t compete with discounted foreclosure resales.”

For the month of July, 430  new homes were sold, a decrease by 9.5 percent from June and a dip by 44.7 percent for the same period last year.