Home sales and prices dip in southern Nevada in July, with nearly 3,000 units sold

Home sales, prices dip in southern Nevada in July

LAS VEGAS — The number and average prices of homes sold in the Las Vegas area dropped again in July, a realtors’ association said Monday.

The Greater Las Vegas Association of Realtors said the median price for single-family homes dipped to $135,000, which is 3.6 percent less than homes fetched in June and 2.7 percent less than average home prices in July 2009.

The number of homes sold during the month was just under 3,000. That’s a 12.3 percent drop compared with June and 21.1 percent fewer than sold in July 2009.

Association President Rick Shelton said fewer homes are being sold because a federal homebuyers tax credit expired at the end of April. Shelton said the credit accounts for a 12 percent falloff in sales.

“With all-time low interest rates and our hyper-deflated prices here in Las Vegas, we would hope not to see much more of an impact on sales volume,” Shelton said.

The association said 21,750 homes were available in July with a median list price of $145,000. That’s more than were available in June and July last year, at a cheaper asking price. More than 10,100 units did not have any offers.

Nearly 4,700 units were put up for sale in July.

Prices and sales for condominiums and townhouses were also down for the month compared with June.

The median sale price of condos and townhomes was $68,000, 2.9 percent less than June but 1.5 percent higher than July last year.

The 800 units sold was down 11.6 percent compared with June and 7.4 percent compared with July 2009.