Las Vegas Real Estate Market Update And Resale Home Sales For August

ForeclosuresLas Vegas real estate market update and resale home sales for August, 2008.  Residential foreclosures and short sales account for nearly 80 percent of residential real estate sold on the multiple listing service.

Las Vegas home sales through August equal 18,720 homes a decline of two percent.  New homes sold equal 7,324 units or a decrease of 48.3 percent year to date.  August had a total of 829 new homes sold in Las Vegas, NV.

The median new Las Vegas home price declined for the month of August to $256,000.  Year to date median decline was 24 percent.

Another decline of the median resale home price was $200,000 or a 4.8 percent decline from the previous month and a $75,000 drop year to date.

Approximately half of the 3,051 resales were sales of sub $200,000 and accounted for approximate half of home sales.

Housing inventory of single family homes listed in the mls have dropped significantly.  The last three months have recorded near 200 units pending sales. Foreclosures in the high rise market has been on the increase.

The month of August median new home sales was $259,847 with 792 new homes sold.  Resales median price was $200,000 with 3,218 units listed.

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Las Vegas real estate market update and resale home sales for August 2008.

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