Las Vegas home sales climb higher in July

Home sales in Las Vegas increased for the seventh straight month to 2,592 in July, the most since September 2005, and inventory remained stable at 23,423 units, the Greater Las Vegas Association of Realtors reported Thursday.

Sales nearly doubled from the same month a year ago and inventory has declined 2.8 percent.

With a high percentage of foreclosures and short sales, or homes sold for less than the mortgage balance, median home prices continued to fall in July to $220,000, down 25.4 percent from a year ago.

Housing market statistics are a "mixed bag," association president Patty Kelley said.

While it's painful to watch home prices slide, large chunks of foreclosures are being taken out of the inventory each month, she said.

"Until we get rid of foreclosures, prices are going to keep on dropping," Kelley said. "I don't know how things are selling if it's not a foreclosure."

Once the foreclosure inventory is reduced, the resale market will correct and median prices will begin to appreciate rather quickly, she predicted.

Foreclosures have accounted for 50 percent to 60 percent of home sales over the past few months, according to local sources. Robin Camacho of American Realty & Property Management found 74 percent of MLS sales in July were foreclosures and another 9 percent were short sales.

"Chances of selling your own home in this market are very, very slim," she said.

Camacho's research showed 40 percent to 50 percent of listings as short sales, yet only one in five escrow closings was a short sale.

"I don't show them and I know many other agents don't either," Camacho said. "I will list them occasionally, but it is such a struggle to get them approved that I really can't devote a lot of time to this. It's really just a service to some of my clients."

Realtors sold 358 condos and townhomes in July, a 21.8 percent increase from the previous month and an 18.2 percent increase from the same month a year ago. The median price dipped to $135,000, compared with $137,500 in June. It's down 30.8 percent from a year ago.

Association statistics are based on data collected through the MLS and do not necessarily account for new homes sold by local builders and other transactions not involving a Realtor.

The largest segment of single-family and attached homes sold in Las Vegas during the first half of the year was in the $150,000 to $250,000 range, Bob Hamrick of Coldwell Banker Premier Realty said.

The average size was three bedrooms and 1,700 square feet. Some of these homes were purchased at bargain prices, Hamrick said.

He reported that 64 percent of closed sales in June were bank-owned, while 52 percent of contracts in escrow were bank-owned.

Looking at days on the market, Hamrick noted that homes below $400,000 are selling in 150 to 200 days, about the same as last year. That's probably a reflection of price cuts to get those homes sold in a timely manner, he said.

Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.