Nevada home sales decline as prices rise - 8 News NOW

Nevada home sales decline as prices rise

Posted: Updated:

LAS VEGAS -- Nevada was one of only six states in March that experienced a decline in residential sales compared to a year ago, RealtyTrac reported Wednesday night.

RealtyTrac, a real estate analytics company based in Irvine, Calif., said that Nevada single family homes, condominiums and townhomes sold last month at an estimated annual pace of 72,876 units. That represented an 8 percent decline from 12 months ago, compared to an 8 percent increase nationally.

Nevada, though, continues to experience rising home prices. The median sales price of $161,900 statewide represented a 20 percent increase from March 2013.

RealtyTrac also reported that Las Vegas led all metropolitan areas in the first quarter of 2014 with a combined 41.6 percent of its sales representing short sales and distressed sales.

Addressing the national housing picture, RealtyTrac vice president Daren Blomquist said: “The housing market showed signs of coming out of hibernation in March after a sluggish fall and winter. Median home prices increased on a monthly basis following six consecutive months where they were flat or declining, and increased on an annual basis by the biggest percentage since hitting bottom in March 2012.”

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KLAS. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.