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Las Vegas Breaks Record for Monthly Home Sales

By Brian Wargo

Wednesday, July 8, 2009

What housing slowdown?

Las Vegas set a record in June with more existing homes sold than any other month in history, according to the Greater Las Vegas Association of Realtors. The group reported 4,702 single-family homes, town houses and condominiums were sold in June, topping the previous record of 4,414 sales in June 2004. Most of last month's sales were existing homes, but the Realtors also handle some new homes. In addition to the record number of sales, the median price of homes held its own for the first time in nearly two years. The median price of single-family homes sold in June was $140,000 - the same as May. Thats the first time there wasn't a decrease in prices since August 2007 when they rose 1.7 percent. Prices have fallen 38 percent since June 2008 and 55 percent since the peak of $315,000 in June 2006. "I think it's significant that we sold a record number of homes last month. We've been closing in on this mark for a few months," Sue Naumann, president of the Realtors' group, said in a statement. Naumann said it's positive for the economy to have housing prices stabilize, especially when bank-owned properties are still dominating the market. There is a strong demand from first-time buyers and investors, Naumann said. In June, 3,785 single-family homes sold, a 16 percent increase over May and a 70 percent jump from June 2008. Also, 917 condominiums and town houses sold last month, a 24 percent increase over mMay and a 212 percent increase from June 2008. The median price of town houses and condos sold in June was $66,000, a 1.5 percent increase over May. The price is 52 percent below where it was a year ago.

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