Las Vegas leads nation in distressed home sales - 8 News NOW

Las Vegas leads nation in distressed home sales

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LAS VEGAS -- Las Vegas led all large U.S. metropolitan areas in May with 36.6 percent of its housing sales consisting of short sales and transactions involving foreclosed or bank-owned homes, RealtyTrac reported Monday night.

Such transactions nationally accounted for 14.3 percent of all housing sales last month, according to the real estate analytics company from Irvine, Calif.

Some 23.1 percent of all housing sales in Las Vegas in May involved bank-owned properties, third highest percentage nationwide behind Modesto and Riverside, Calif. That was nearly triple the 8.6 percent national average.

“Distressed sales continue to represent a smaller share of the overall sales pie nationwide, helping to boost median home prices higher given that distressed sales tend to be in lower price ranges,” RealtyTrac vice president Daren Blomquist said.

“When broken down by average price range, U.S. sales are clearly shifting away from the lower end. Properties selling below $200,000 represented 50 percent of all sales in May, but that was down from a 55 percent share a year ago. Meanwhile, the share of homes selling above $200,000 increased from 45 percent a year ago to 50 percent in May 2014.”

RealtyTrac also estimated that based on May activity, Nevada housing sales dropped 7 percent from a year ago, the nation’s third sharpest decline behind California (down 15 percent) and Arizona (down 10 percent).

But Nevada’s median home sales price of $165,000 was 14 percent higher than a year ago.

 

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