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Las Vegas home sales skyrocket in real estate market for 13 months in a row.  The Greater Las Vegas Association of REALTORS reported prices continued to decline in April and is leading the US in home sales.

Homes listed for sale in the multiple listing service has continued to decline in April to 22,112.  A 3.6 percent fall from a year ago of 24,000 units.  Inventory also declined due to the moratorium the Fed placed on real estate from November 2008 to March 2009.

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Foreclosures in Las Vegas have affected home sale prices dramatically.  Sale prices have fallen to levels only seen eight years ago due to two thirds of homes due to foreclosures.

Nearly the past 12 months rising home sales due to a multiple listing service median existing home price of $134,900 in March. The median price same month in 2008 has fallen 41.3 percent.

Record closings of totaled 3,626 homes or an increase of 85.6 percent.  The median price of bank owned home closings during March was even lower at $127,000.

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Legal action in $9.1 billion real estate Project CityCenter Las Vegas brought on by joint venture partner Dubai World against real estate developer MGM Mirage.  Dubai World says their partner is mismanaging the resort located on the Las Vegas Strip.  The project has been riddled with financial difficulties.

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Over 108.4 percent increase of Las Vegas homes sold in February 2009 from the same month a year ago according to the multiple listing service data.  Foreclosures and bank owned properties dominate the Las Vegas real estate market, approximately three-fourths of sales, drive median prices downward.  This trend will continue forward of sales due to falling prices.

The amount of single family homes sold during February 2009 was 2,288 units, an increase of 2.9 percent from Jan.  This was a huge increase from last year’s total.  Because of the distressed property domination the median price of residential real estate declined 36.9 percent year to date and came in at $155,603.

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