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Las Vegas Home Sales Post Seasonal Decline, Prices Stable for Third Month
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You're Now Reading:
Las Vegas Home Sales Post Seasonal Decline, Prices Stable for Third Month
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 Post Seasonal Decline, Prices Stable for Third Month
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January 4, 2012 (Shirley Allen)

Monthly sales of new and resale homes in Las Vegas posted seasonal declines from October to November while home prices showed promising signs of stability by remaining virtually unchanged for the third consecutive month according to the latest data released from DataQuick.

A total of 4,460 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area in November. Sales were 3.1 percent lower than the 4,595 homes sold in October but were 11.2 percent higher than in November of 2010. Home sales in the region typically decline 3.9 percent between October and November.

November’s home sales marked the fifth consecutive month that transactions in the Las Vegas area have increased year-over-year and the eleventh consecutive month that existing home sales have outpaced the previous year’s tally.

New home sales continued to be weak with November’s tally the second lowest total for that month since 1994, but were still 9.8 percent higher than last November, the worse month for new home sales on record in the area. Year-over-year, new home sales have increased for the past five consecutive months.

Cash buyers accounted for 48.9 percent of the purchases in November, which was down from 49.3 percent in October and 49.4 percent a year earlier. The record for cash purchases was in February 2011, when 56.7 percent of the sales were for cash.

The price that cash buyers paid for a home in November fell to $82,000 from $84,000 in October and down from $95,500 in November of last year.

Absentee buyers, usually investors and vacation home buyers, accounted for 46.2 percent of all homes sold in November, down from 46.5 percent in October. The prices they paid were unchanged from October at $90,000, but down from $105,000 in November of 2010.

The overall median price paid for new and resale homes and condos in November was $115,000, up slightly from $114,900 in October but down from $127,050 in November of last year.

November’s median price is 63.1 percent below the peak median price of $312,000 in November 2006.

Distressed property sales accounted for 67.2 percent of the re-sale market in November as foreclosure re-sales accounted for 52.4 percent of total re-sales, down from 52.8 percent in October, and short sales accounted for 14.8 percent of total re-sales, up from 12.7 percent the previous month.

Foreclosures were about the same in November as in October with lenders foreclosing on 1,931 single-family homes and condos, up from 1,928 foreclosures in October. So far this year, lenders have foreclosed on 30,986 homes in the area, slightly trailing the peak year of 2009 which saw 31,719 foreclosures during the same time frame.

The highest number of loans foreclosed by lenders in a single month was in May 2011, when lenders foreclosed on 3,818 loans.

Notices of default (NoDs) increased 51.5 percent in the second month following the new Nevada law that created additional requirements in order to foreclose on a property, increasing from 846 in October to 1,281 in November. In September, the month before the new law took effect, 4,507 NoDs were filed. In November of last year, 5,093 NoDs were filed.

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

Source:
DataQuick

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ADVANTAGES OF USING
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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.
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Tips
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Rates

January 4, 2012 (Shirley Allen)

Monthly sales of new and resale homes in Las Vegas posted seasonal declines from October to November while home prices showed promising signs of stability by remaining virtually unchanged for the third consecutive month according to the latest data released from DataQuick.

A total of 4,460 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area in November. Sales were 3.1 percent lower than the 4,595 homes sold in October but were 11.2 percent higher than in November of 2010. Home sales in the region typically decline 3.9 percent between October and November.

November’s home sales marked the fifth consecutive month that transactions in the Las Vegas area have increased year-over-year and the eleventh consecutive month that existing home sales have outpaced the previous year’s tally.

New home sales continued to be weak with November’s tally the second lowest total for that month since 1994, but were still 9.8 percent higher than last November, the worse month for new home sales on record in the area. Year-over-year, new home sales have increased for the past five consecutive months.

Cash buyers accounted for 48.9 percent of the purchases in November, which was down from 49.3 percent in October and 49.4 percent a year earlier. The record for cash purchases was in February 2011, when 56.7 percent of the sales were for cash.

The price that cash buyers paid for a home in November fell to $82,000 from $84,000 in October and down from $95,500 in November of last year.

Absentee buyers, usually investors and vacation home buyers, accounted for 46.2 percent of all homes sold in November, down from 46.5 percent in October. The prices they paid were unchanged from October at $90,000, but down from $105,000 in November of 2010.

The overall median price paid for new and resale homes and condos in November was $115,000, up slightly from $114,900 in October but down from $127,050 in November of last year.

November’s median price is 63.1 percent below the peak median price of $312,000 in November 2006.

Distressed property sales accounted for 67.2 percent of the re-sale market in November as foreclosure re-sales accounted for 52.4 percent of total re-sales, down from 52.8 percent in October, and short sales accounted for 14.8 percent of total re-sales, up from 12.7 percent the previous month.

Foreclosures were about the same in November as in October with lenders foreclosing on 1,931 single-family homes and condos, up from 1,928 foreclosures in October. So far this year, lenders have foreclosed on 30,986 homes in the area, slightly trailing the peak year of 2009 which saw 31,719 foreclosures during the same time frame.

The highest number of loans foreclosed by lenders in a single month was in May 2011, when lenders foreclosed on 3,818 loans.

Notices of default (NoDs) increased 51.5 percent in the second month following the new Nevada law that created additional requirements in order to foreclose on a property, increasing from 846 in October to 1,281 in November. In September, the month before the new law took effect, 4,507 NoDs were filed. In November of last year, 5,093 NoDs were filed.

Tags: existing home sales, Las Vegas, 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.

January 4, 2012 (Shirley Allen)

Monthly sales of new and resale homes in Las Vegas posted seasonal declines from October to November while home prices showed promising signs of stability by remaining virtually unchanged for the third consecutive month according to the latest data released from DataQuick.

A total of 4,460 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area in November. Sales were 3.1 percent lower than the 4,595 homes sold in October but were 11.2 percent higher than in November of 2010. Home sales in the region typically decline 3.9 percent between October and November.

November’s home sales marked the fifth consecutive month that transactions in the Las Vegas area have increased year-over-year and the eleventh consecutive month that existing home sales have outpaced the previous year’s tally.

New home sales continued to be weak with November’s tally the second lowest total for that month since 1994, but were still 9.8 percent higher than last November, the worse month for new home sales on record in the area. Year-over-year, new home sales have increased for the past five consecutive months.

Cash buyers accounted for 48.9 percent of the purchases in November, which was down from 49.3 percent in October and 49.4 percent a year earlier. The record for cash purchases was in February 2011, when 56.7 percent of the sales were for cash.

The price that cash buyers paid for a home in November fell to $82,000 from $84,000 in October and down from $95,500 in November of last year.

Absentee buyers, usually investors and vacation home buyers, accounted for 46.2 percent of all homes sold in November, down from 46.5 percent in October. The prices they paid were unchanged from October at $90,000, but down from $105,000 in November of 2010.

The overall median price paid for new and resale homes and condos in November was $115,000, up slightly from $114,900 in October but down from $127,050 in November of last year.

November’s median price is 63.1 percent below the peak median price of $312,000 in November 2006.

Distressed property sales accounted for 67.2 percent of the re-sale market in November as foreclosure re-sales accounted for 52.4 percent of total re-sales, down from 52.8 percent in October, and short sales accounted for 14.8 percent of total re-sales, up from 12.7 percent the previous month.

Foreclosures were about the same in November as in October with lenders foreclosing on 1,931 single-family homes and condos, up from 1,928 foreclosures in October. So far this year, lenders have foreclosed on 30,986 homes in the area, slightly trailing the peak year of 2009 which saw 31,719 foreclosures during the same time frame.

The highest number of loans foreclosed by lenders in a single month was in May 2011, when lenders foreclosed on 3,818 loans.

Notices of default (NoDs) increased 51.5 percent in the second month following the new Nevada law that created additional requirements in order to foreclose on a property, increasing from 846 in October to 1,281 in November. In September, the month before the new law took effect, 4,507 NoDs were filed. In November of last year, 5,093 NoDs were filed.

Tags: existing home sales, Las Vegas, 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.