Las Vegas Real Estate Market Update & Resale Home Sales For September

ForeclosuresLas Vegas real estate market update and resale home sales for September, 2008.  Falling home prices and a big drop in sales shows a continued weakening of the residential real estate market.

New homes sold in Las Vegas, Nevada for the third quarter was 2,545 units.  Year to date showed a decrease of 50 percent or 2,546 new homes.  The strongest quarter with 11,198 sales was registered in the fourth quarter of 2005.

September recorded 976 new homes sold according to the multiple listing service.  A year to date sales total was 8,292 units or a decline of 46.7 percent

There is a projected continued decrease in sales for the last quarter of 2008.  The end of September was the last time a home buyer could use down payment assistance before it was taken away on Oct. 1.  October should also see a fall from Sept. sales numbers because of the elimination of the seller-funded dpa.

Most buyers will now need more than three percent down because of the down payment assistance elimination.  Long term residential demand will experience the same woes.

September recorded a median new home price of $251,000 a decline of two percent from the previous month and a $62,480 decrease, or 20 percent year to date.

Residential resales had an uptick of 6.3 percent year to date.  September totaled 3,125 resales and the first nine months of 2008 of 21,845 resale homes.

Existing homes median sale price for September was $189,000 or a 28 percent decrease of $73,377 from last year.  Short sales and foreclosures accounted for more than 75 percent of existing sales.

Permits for new homes year to date is 5,452 or 53 percent down.  The residential real estate market hasn’t seen this drop in decades.

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

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