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DataQuick: Vegas Area Home Prices Keep Rising but Sales Are Still Falling

DEC 28, 2012 11:44am ET
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Las Vegas area home prices overall are up year-to-year again, but the chips are still down when it comes to the number of total sales, according to the latest monthly DataQuick report.

The number of houses and condominiums sold in the Las Vegas-Paradise metropolitan area dropped 7.7% year-to-year in November to 4,118. This was the sixth consecutive drop in total new and existing home sales by that measure. Sales were down from the previous month by 9.9%.

The median home price during the month was $143,000, up 24.3% from a year ago. This was the eighth consecutive rise in the median price by this measure. Prices in the region have been rising since spring of this year. In November, the median price was up from the previous month by 4.4%.

According to DataQuick, a combination of fewer foreclosure resales and more move-up buying boosted prices during the month, but closed-escrow sales overall were down because a drop in transactions below $200,000 outweighed a jump in $200,000 to $500,000 transactions.

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