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Las Vegas Home Sales Move Higher in August
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You're Now Reading:
Las Vegas Home Sales Move Higher in August
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Las Vegas Home Sales Move Higher in August
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October 10, 2012 (Shirley Allen)

Home sales in the Las Vegas area made a double-digit comeback in August but still couldn’t beat last year’s tally, while home prices continued to climb higher according to the latest data released from DataQuick.

A total of 4,795 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area in August. Sales were 12.0 percent higher than the 4,280 homes sold in July and were 11.4 percent lower than the 5,412 homes sold in August of 2011. Home sales for the month were the lowest since August 2010.

Home sales in the region typically increase 6.6 percent between July and August and were 6.3 percent below the average number of homes typically sold during the month. Existing home sales for the month were 19.7 percent above average but were hindered by a lack of new home sales which were about 57 percent below average.

Cash buyers accounted for 50.9 percent of the purchases in August, which was down from 53.4 percent in July and down from 52.3 percent a year earlier. The record for cash purchases was in August 2011, when 56.7 percent of the sales were for cash.

The price that cash buyers paid for their purchases in August increased to $105,000 from $104,900 in July, and was up from $84,000 in August of last year.

Absentee buyers, usually investors and vacation home buyers, accounted for 48.7 percent of all homes sold in August, down from 50.9 in July. The prices they paid for their purchases increased to $110,000 from $108,000 in July and were up from $92,000 in August of 2011.

The overall median price paid for new and resale homes and condos in August was $133,000, up from $128,994 in July and up from $112,500 in August of last year. It was the fifth consecutive month that year-over-year prices have improved after 21 consecutive months of declines.

August’s median price was still 57.4 percent below the peak median price of $312,000 in August 2006.

Foreclosure re-sales accounted for 21.9 percent of total re-sales, down from 25.8 percent in July, and short sales accounted for 38.2 percent of total re-sales, up from 38.1 percent the previous month. Foreclosure re-sales were at their lowest level since October 2007.

Foreclosures in the area declined from July to August with lenders foreclosing on 793 single-family homes and condos, down from 864 foreclosures in July. The highest number of loans foreclosed by lenders in a single month was in August 2011, when lenders foreclosed on 3,818 loans.

Notices of default (NoDs) increased 25.1 percent in the eleventh month following the new Nevada law that created additional requirements in order to foreclose on a property, increasing from 1,618 in July to 2,025 in August. In September of last year, the month before the new law took effect, 4,507 NoDs were filed.

Tags: Las Vegas real estate, existing home sales, distressed properties, resale homes, condos, cash buyers, investors, median price

Source:
DataQuick

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Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
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Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
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October 10, 2012 (Shirley Allen)

Home sales in the Las Vegas area made a double-digit comeback in August but still couldn’t beat last year’s tally, while home prices continued to climb higher according to the latest data released from DataQuick.

A total of 4,795 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area in August. Sales were 12.0 percent higher than the 4,280 homes sold in July and were 11.4 percent lower than the 5,412 homes sold in August of 2011. Home sales for the month were the lowest since August 2010.

Home sales in the region typically increase 6.6 percent between July and August and were 6.3 percent below the average number of homes typically sold during the month. Existing home sales for the month were 19.7 percent above average but were hindered by a lack of new home sales which were about 57 percent below average.

Cash buyers accounted for 50.9 percent of the purchases in August, which was down from 53.4 percent in July and down from 52.3 percent a year earlier. The record for cash purchases was in August 2011, when 56.7 percent of the sales were for cash.

The price that cash buyers paid for their purchases in August increased to $105,000 from $104,900 in July, and was up from $84,000 in August of last year.

Absentee buyers, usually investors and vacation home buyers, accounted for 48.7 percent of all homes sold in August, down from 50.9 in July. The prices they paid for their purchases increased to $110,000 from $108,000 in July and were up from $92,000 in August of 2011.

The overall median price paid for new and resale homes and condos in August was $133,000, up from $128,994 in July and up from $112,500 in August of last year. It was the fifth consecutive month that year-over-year prices have improved after 21 consecutive months of declines.

August’s median price was still 57.4 percent below the peak median price of $312,000 in August 2006.

Foreclosure re-sales accounted for 21.9 percent of total re-sales, down from 25.8 percent in July, and short sales accounted for 38.2 percent of total re-sales, up from 38.1 percent the previous month. Foreclosure re-sales were at their lowest level since October 2007.

Foreclosures in the area declined from July to August with lenders foreclosing on 793 single-family homes and condos, down from 864 foreclosures in July. The highest number of loans foreclosed by lenders in a single month was in August 2011, when lenders foreclosed on 3,818 loans.

Notices of default (NoDs) increased 25.1 percent in the eleventh month following the new Nevada law that created additional requirements in order to foreclose on a property, increasing from 1,618 in July to 2,025 in August. In September of last year, the month before the new law took effect, 4,507 NoDs were filed.

Tags: Las Vegas real estate, existing home sales, distressed properties, resale homes, condos, cash buyers, investors, median price

Source:
DataQuick

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

October 10, 2012 (Shirley Allen)

Home sales in the Las Vegas area made a double-digit comeback in August but still couldn’t beat last year’s tally, while home prices continued to climb higher according to the latest data released from DataQuick.

A total of 4,795 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area in August. Sales were 12.0 percent higher than the 4,280 homes sold in July and were 11.4 percent lower than the 5,412 homes sold in August of 2011. Home sales for the month were the lowest since August 2010.

Home sales in the region typically increase 6.6 percent between July and August and were 6.3 percent below the average number of homes typically sold during the month. Existing home sales for the month were 19.7 percent above average but were hindered by a lack of new home sales which were about 57 percent below average.

Cash buyers accounted for 50.9 percent of the purchases in August, which was down from 53.4 percent in July and down from 52.3 percent a year earlier. The record for cash purchases was in August 2011, when 56.7 percent of the sales were for cash.

The price that cash buyers paid for their purchases in August increased to $105,000 from $104,900 in July, and was up from $84,000 in August of last year.

Absentee buyers, usually investors and vacation home buyers, accounted for 48.7 percent of all homes sold in August, down from 50.9 in July. The prices they paid for their purchases increased to $110,000 from $108,000 in July and were up from $92,000 in August of 2011.

The overall median price paid for new and resale homes and condos in August was $133,000, up from $128,994 in July and up from $112,500 in August of last year. It was the fifth consecutive month that year-over-year prices have improved after 21 consecutive months of declines.

August’s median price was still 57.4 percent below the peak median price of $312,000 in August 2006.

Foreclosure re-sales accounted for 21.9 percent of total re-sales, down from 25.8 percent in July, and short sales accounted for 38.2 percent of total re-sales, up from 38.1 percent the previous month. Foreclosure re-sales were at their lowest level since October 2007.

Foreclosures in the area declined from July to August with lenders foreclosing on 793 single-family homes and condos, down from 864 foreclosures in July. The highest number of loans foreclosed by lenders in a single month was in August 2011, when lenders foreclosed on 3,818 loans.

Notices of default (NoDs) increased 25.1 percent in the eleventh month following the new Nevada law that created additional requirements in order to foreclose on a property, increasing from 1,618 in July to 2,025 in August. In September of last year, the month before the new law took effect, 4,507 NoDs were filed.

Tags: Las Vegas real estate, existing home sales, distressed properties, resale homes, condos, cash buyers, investors, median price

Source:
DataQuick

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.