Housing Sales Volume Down, Prices Up in Las Vegas - 8 News NOW

Housing Sales Volume Down, Prices Up in Las Vegas

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LAS VEGAS -- Estimated annualized residential sales volume in the Las Vegas metropolitan area fell in January by double digits over a year ago, RealtyTrac reported Wednesday night.

The real estate analytics company from Irvine, Calif., estimated that as of last month 57,452 housing units were sold in the Las Vegas area over the past 12 months, an 11 percent drop from the prior year.

RealtyTrac defines annualized sales as "an annualized estimate of the number of residential property sales based on the actual number of sales deeds received for the month, accounting for expected sales records for that month that will be received in future months as well as seasonality."

The decline in annualized sales in Southern Nevada ran counter to the national trend, with sales up an estimated 8 percent across the United States.

The good news for sellers in Las Vegas was that the average sales price for homes sold in the metro area in January was $160,000, which was 25 percent higher than the same month a year ago.

RealtyTrac also reported that Nevada led the nation in January with bank-owned properties accounting for 23.2 percent of all housing sales. Nevada also ranked second behind only Florida with 13.4 percent of its housing transactions involving short sales.

Las Vegas also ranked fifth among major metro areas with 56.5 of its transactions last month involving cash sales.

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