Las Vegas Sun

July 7, 2015

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Las Vegas home prices drop to August 2003 levels

Number of foreclosures last month was the fewest since March


Steve Marcus

While prices of new homes held steady in the Las Vegas area last month, existing homes saw another steep drop in their median sales price in November — down to levels not seen since summer 2003.

The price of existing homes sold in Las Vegas in November plummeted to their lowest level since August 2003 and the new-home and condominium market continued its dismal performance, according to statistics released by SalesTraq.

The median price of the 2,737 existing homes sold in November was $170,500, a decline of $9,500 from October. The November prices are 33 percent below the same month a year ago.

The reason for the decline was the continued impact of foreclosure homes. Some 62 percent of the existing home closings were bank-owned with a median closing price of $160,000. The other 38 percent of closings had a median price of $198,000.

The one bright spot is there were 2,028 foreclosures in November, the fewest number since March.

In the new-home market, the 622 closings were the fewest this year and means sales won’t top 10,000 for the year. There were 19,446 sales in 2007.

The 187 new-home permits issued in November was the fewest this year.

Prices of new homes, meanwhile, held steady. The median price was $244,000, up $1,000 over November.

The high-rise and mid-rise market was dismal with 13 closings in November. There were 69 in November 2007.

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