Las Vegas Home Sales Reach $955.3 Million in May 2006

Las Vegas Home Sales Reach $955.3 Million in May 2006

The Las Vegas Valley’s housing market continued its year-long slide with 2,556 new Las Vegas home sales in May, a 17.4 percent drop from last year’s record pace, reports the Greater Las Vegas Association of Realtors. Median Las Vegas home prices stayed flat at $310,000, same as the month before, but 3.3 percent higher than in 2005.

Las Vegas home listings, however, a strong indicator of the real estate market’s vitality, climbed to 19,132 in May, which is 27 percent more than in 2005. Despite this, there was $955.3 million worth of sales in May. And while it marks a 15.4 percent month-to-month gain, it’s still 12.4 percent less than real estate sales 12 months ago.  Remember that 2005 was a very banner real estate year.

Las Vegas condo/townhomes saw similar slip-and-slide results in May with only 605 new sales, a 19.4 percent drop from 2005. Median condo/townhome prices, however, edged up slightly to $202,000, a 0.5 percent gain from April and 8.6 percent better than last year. There was a total of $131.1 million worth of condo/townhome sales in May. Although it marks an 11.7 percent improvement over the preceding month, Las Vegas real estate sales were still 13.9 percent off from the dollar volume recorded in 2005.

Source: LV Business Press

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Las Vegas Homes Sales reach $955.3 million in May 2006.

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