Las Vegas November 2007 Home Sales
December 31, 2007
Las Vegas area home sales held at a 12-year low in November as the median
sale price dropped a record 13.5 percent from a year ago, a real estate
information service reported.
The median price paid in the Las Vegas-Paradise metro area (Clark County) for
all homes combined was $269,990 in November, down 3.5 percent from $279,790 in
October and down 13.5 percent from $312,000 in November 2006, according to
DataQuick Information Systems of La Jolla, Calif. The firm tracks real estate
trends nationally via public property records.
The November median's 13.5 percent annual decline is the largest for any
month since at least 1994, when DataQuick's complete home sales statistics begin
for the Las Vegas area. The median sale price has fallen on a year-over-year
basis for seven consecutive months and is now 13.5 percent lower than the
region's peak $312,000 median reached in November 2006
Another gauge analysts use to measure pricing trends, the median price paid
per square foot for resale houses, suggests even more weakness in the Las Vegas
area. It fell to $155 in November, down 16.6 percent from a year ago. It was the
12th consecutive month in which it has fallen on a year-over-year basis.
September's figure was 18.5 percent lower than the peak $190 median paid per
square foot in May and June of 2006.
A total of 2,945 new and resale houses and condos sold in the Las Vegas area
in November. That was down 0.2 percent from 2,952 in October and down 49.3
percent from 5,803 in November 2006. November sales were the lowest for that
month since November 1995, when 2,602 homes sold. Sales have fallen on a
year-over-year basis for 22 consecutive months.
The number of homes bought with jumbo mortgages (over $417,000) tumbled 80
percent in November compared with November 2006. Just 5.2 percent of total home
sales were financed with jumbo loans in November, down from an average of 12.3
percent during the first seven months of 2007. The August credit crunch made
jumbo loans pricier and harder to obtain.
Las Vegas-Paradise, NV
|
|
# Sales
|
Median price
|
|
|
Nov-06
|
Nov-07
|
%Change
|
Nov-06
|
Nov-07
|
%Change
|
|
Resale houses |
2,391
|
1,215
|
-49.2%
|
$307,500
|
$275,000
|
-10.6%
|
|
Resale condos |
526
|
267
|
-49.2%
|
$194,670
|
$180,000
|
-7.5%
|
|
New homes
|
2,886
|
1,463
|
-49.3%
|
$332,772
|
$276,770
|
-16.8%
|
|
All homes |
5,803
|
2,945
|
-49.3%
|
$312,000
|
$269,990
|
-13.5%
|
Media calls: Andrew LePage (916)456-7157 or John Karevoll (909) 867-9534
Copyright 2005 DataQuick Information Systems. All rights reserved.