Las Vegas home resales surge in August

Local sales of existing homes surged in August.

Too bad housing prices couldn't keep up.

Numbers released late Wednesday by the Greater Las Vegas Association of Realtors showed record sales of condominiums and townhomes in August. The month also brought the second-best month ever for overall existing-home sales, the group said.

Taken together, sales of single-family and attached homes totaled 4,693 units, just nine sales short of the June 2009 record.

Yet, median prices continued their precipitous decline, falling by double-digit percentages year over year.

Association members sold 987 condominiums and townhomes, up 13.1 percent from July and 20.5 percent from August 2010. Attached homes sold for a median of $56,000 in the month, down 5.1 percent since July and off 16.4 percent compared with August 2010. Condos and townhomes peaked at a median price of $205,000 in mid-2006.

Realtors also sold 3,706 single-family homes, up 17.1 percent from July and 31.5 percent from August 2010. Single-family properties sold for a median of $120,000, down 1.6 percent from July and 14.3 percent from August 2010. Prices peaked at $290,000 in fall 2006.

Paul Bell, the association's president, called August a "super active month for sales."

He attributed the jump to investor activity and to historically low interest rates and listing prices. The calendar may also have helped: August has 31 days, and no big holidays to distract buyers.

Bell added that August's tally would have been several hundred units higher had banks approved more short sales, or sales for less than what the borrower owes on the mortgage.

As it was, 21.7 percent of all existing homes sold in Southern Nevada in August were short sales. That was up from 20.2 percent in July, but down from a June 2010 peak of 34 percent.

Also, the inventory of local homes for sale showed stabilization.

The local market had 22,400 listings in August, down 0.2 percent from July and off 1 percent from August. Supplies of attached housing fell even more: The 4,862 units on the market were down 4.6 percent compared with July, and off 19 percent compared with August 2010.

The total value of single-family units sold in August was $546.3 million, up 14.3 percent from July and 14.7 percent from August 2010. Among attached homes, the total value was $73.2 million, up 9.7 percent from July and 0.1 percent from August 2010.

The association's numbers are based on figures from its Multiple Listing Service, and may not account for sales by owners, homebuilders or other purchases that didn't involve a Realtor.

Contact reporter Jennifer Robison at jrobison@reviewjournal.com or 702-380-4512.