Las Vegas Real Estate Market Update And Las Vegas Homes Sold For June

ForeclosuresLas Vegas real estate market update and Las Vegas home sales for June 2008 mls figures show an increase in single family homes for the sixth straight month.  The Greater Las Vegas Association of REALTORS or GLVAR reported residential real estate inventory remaining stable.

The local housing market and economy has benefited from the 50.8 percent increase from year to date sales.  Homes sold in Las Vegas, NV equaled 2,226 units and up from May home sales of 2,026.

Residential inventory is down 1.1 percent from June 2007.  Homes for sale and listed in the multiple listing service was 23,338 units.

The last two months have seen a good increase in local sales.  This is great news about the supply of homes decreasing from 18 months at January to 13.7 months at the beginning of July.

The banks have helped fuel the Las Vegas home sales.  About 65 percent of the sales were bank owned and short sales properties.  The mortgage lenders have become more flexible with their pricing to get them off their books.

The mls showed a medium price of a single family home in June 2008 at $225,000, a 4.9 percent decrease from the previous month.  Year to date figures show a 26.2 percent decline of the median home price.

Townhomes and condos listings in the mls were 5,537 units for June, a year to date decline of 11.6 percent.  Condominiums and townhomes median price for 294 units sold was $137,500.  June had a 1.4 percent decrease from the previous month.

Closings in June were 66 Percent due to bank owned or distressed sales with a reduced price of 25 percent from their previous mls listing price.

The luxury homes have not been shielded from foreclosures.  Las Vegas Nevada real estate has more distressed luxury homes sold due to resetting mortgages.

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Las Vegas NV real estate market update and Las Vegas homes sold in June 2008.

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