Nevada home sales continue to decline as prices rise - 8 News NOW

Nevada home sales continue to decline as prices rise

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LAS VEGAS -- Nevada home sales in February fell 9.2 percent from the same month a year ago, according to estimates reported Wednesday night by RealtyTrac.

The real estate analytics company from Irvine, Calif., made an annualized estimate based on the number of sales deeds received for the month. It was estimated that Nevada homes sold last month at an annual pace of 74,545 properties.

Only five other states -- Arizona, California, Connecticut, Massachusetts and Rhode Island -- also experienced a drop in home sales from a year ago, RealtyTrac reported. Home sales are up 7 percent nationally from February 2013.

"Supply and demand have reached a bit of a standoff in this uneven real estate recovery," RealtyTrac vice president Daren Blomquist said. "The supply of distressed properties, which buyers and investors have come to rely on over the past few years, is evaporating quickly in most markets, but that dwindling supply is not being adequately replenished by non-distressed homeowners listing their homes or by new homes being built.

"Meanwhile, a key source of demand over the past two years, institutional investors purchasing single family homes as rentals, is starting to decline, and it's not yet clear if that diminishing demand will be filled by first-time homebuyers and move-up buyers."

The median sales price of a home sold in Nevada last month was $160,000, which was 22 percent higher than a year ago.

Roughly 11.2 percent of Nevada's home sales in February involved institutional investors, which RealtyTrac defines as purchasers of at least 10 properties over the past year. Such investors accounted for 5.9 percent of sales nationally.

Of Nevada's sales, 56.1 percent were cash purchases, nearly 13 percentage points above the national average. Short sales in Nevada made up 14.4 percent of all sales, more than double the national average.

Some 22.8 percent of Nevada sales also involved bank-owned properties, nearly 13 percentage points above the national average.

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