SalesTraq Sees Improvement in Las Vegas Housing Market - 8 News NOW

SalesTraq Sees Improvement in Las Vegas Housing Market

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LAS VEGAS -- Real estate research service SalesTraq issued an upbeat report Tuesday on the Las Vegas housing market, pointing to three consecutive months during which sale prices for existing homes exceeded those from the same months in 2011.

SalesTraq, owned by Las Vegas economic analysis firm Applied Analysis, reported that the median closing prices on existing homes reached $116,300 in June, 10.4 percent higher than in June 2011. April and May also posted higher closing prices than the same months a year ago.

Prior to April the last time existing homes sold for more than they did the prior year was back in June 2010.

"By the mid-point of 2012, a shift in the Las Vegas housing market is underway," SalesTraq reported. "With fewer new foreclosures working their way into the supply chain, short sales and non-distressed sales categories continue to account for the dominant share of resale activity. Impacts on pricing are expected to escalate."

While existing home prices are going up, the volume of available homes continues to drop. There were 3,852 existing home closings in June, 32.4 percent fewer than the same month a year ago. Closings were also down in April and May compared to the same months in 2011.

Meantime, an increasing number of permits to build new homes are being issued to meet consumer demand. The median closing price of a new home in June was $196,500, down 2.4 percent from June 2011. But the average price of $103.32 per square foot for a new home in June was at its highest point since November 2010.

"We believe there is room for further price increases during the next six months," SalesTraq reported. "The residential sector continues to have real challenges, including nation-leading rates of delinquency. That said, improvements in sales volumes, prices and general consumer sentiment bode well for the sector."

 

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