RealtyTrac: Nevada Housing Market Tapered Off in October - 8 News NOW

RealtyTrac: Nevada Housing Market Tapered Off in October

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LAS VEGAS -- The Nevada housing market cooled off in October with sales volume 5 percent below the same month a year ago, RealtyTrac reported Monday night.

It was the third straight month that Nevada housing sales fell below the same months in 2012, a distinction also shared by California and Arizona.

But the real estate analytics company from Irvine, Calif., also reported that Nevada led the nation with 14.2 percent of its housing transactions involving short sales. Nevada in October also experienced 55.5 percent of its transactions as cash sales, second highest nationally and well above the 44.2 percent U.S. average.

Among large metropolitan areas, Las Vegas also ranked second with 23.8 percent of its home sales last month involving bank-owned property.

The median sales price of a Nevada home was $160,000, $10,000 below the national average but 21 percent above the same month in 2012. The median sales price in the Las Vegas area was $155,000, 19 percent above October 2012.

"After a surge in short sales in late 2011 and early 2012, the favored disposition method for distressed properties is shifting back toward the more traditional foreclosure auction sales and bank-owned sales," RealtyTrac vice president Daren Blomquist said. "The combination of rapidly rising home prices — along with strong demand from institutional investors and other cash buyers able to buy at the public foreclosure auction or an as-is REO (bank-owned) home — means short sales are becoming less favorable for lenders."

 

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