Throughout the month of September in Las Vegas, median home prices climbed to $140,000; that's up 13.5 percent from a year ago, according to the Greater Las Vegas Association of Realtors.
The housing market seems to have flipped focus from foreclosures to short sales; making short sales the current housing trend. Short sales have increased to 45 percent of all house sales, leaving foreclosures at a lower 14 percent accountability rate. Only one year ago, short sales accounted for one-fourth the market while foreclosures took the lead at half. This flip-flop in housing trends proves to be significant for the current Nevada market.
This year so far there has been a notable 13 percent decrease in the sale of single-family homes, which was a 17.8 percent decrease from one year ago. Declining housing inventory is accounting for the drop in sales, overall. Cash buyers are accountable for close to 55 percent of housing transactions; with less homes for sale, housing list prices are increasing. The average price of a a newly listed home is in the neighborhood of $155,000. Up $25,000 from one year ago, that is a 19 percent leap upwards. The townhouse and condo market improved in late September also, bringing the median price for a condo up to $70, 250. That's a 24 percent increase from one year ago.
(Statistics based on date gathered from the MLS.)