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Las Vegas November Home Sales Reach New Low

JAN 3, 2014 11:43am ET
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Home sales in the Las Vegas region during November dipped 15.4% from the month before and were at their lowest amount in five years, according to DataQuick figures.

The main reason why fewer homebuyers purchased properties was due to limited supply, waning affordability and the ongoing decline in investor purchases.

Despite these setbacks, the median sales price was still 26% higher than a year ago, marking the 20th consecutive month with a year-over-year gain.

In November, 3,539 new and resale houses and condos closed escrow in the Las Vegas metropolitan area, the San Diego-based analytic firm said.

Since 1994, home sales between October and November have dropped on average by 3.9%.

Resales of homes and condominiums were 5.1% above average for the month of November, while sales of newly constructed housing units were 72% below the monthly average.

For the entire year, 48,203 homes have been sold in Clark County through November. This is 1.8% less than the same 2012 time period.

Overall supply is down because many homeowners in affordable neighborhoods canít sell their housing units because they are underwater and lenders are not foreclosing on as many properties in this region.

Additionally, the pressure that investors have been putting on the Las Vegas housing market continued to ease in November. Absentee buyers, including investors and vacation homebuyers, bought 42.4% of the total number of homes sold for the month, which is respectively down on a monthly and yearly basis from 43.1% and 48.7%. Novemberís absentee share was the lowest since June 2010, when it was 37.5%, DataQuick said.

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