Las Vegas May 2007 Home Sales

June 27, 2007

Las Vegas area homes continued to sell at the slowest pace in seven years in May as the region's median sale price fell nearly 4 percent below the year-ago mark. It was the sharpest annual price decline in more than 13 years, a real estate information service reported.

The median price paid in the Las Vegas-Paradise metro area (Clark County) for all homes combined was $290,200. That was down 3.3 percent from $300,000 in April and down 3.7 percent from $301,400 in May 2006, according to DataQuick Information Systems of La Jolla, Calif. The firm tracks real estate trends nationally via public property records.

The May median's 3.7 percent drop below the year-ago level is the largest annual decline DataQuick has on record for Clark County. The firm's statistics for all home type categories in the county begin in September 1993.

The median sale price in the Las Vegas area saw year-over-year gains as high as 40.1 percent in September 2004. The median itself peaked at $312,000 in November 2006 – a level 7.5 percent higher than last month's $290,200 median.

A total of 4,276 new and resale houses and condos sold in the Las Vegas metro area in May. That was up 5.1 percent from 4,069 in April but down 43.8 percent from 7,615 in May 2006. Last month's sales total was the lowest for any May since 4,217 sales in May 2000.

Las Vegas region sales have fallen on a year-over-year basis for the past 16 months. May's 43.8 percent annual sales decline was the second largest – behind this March's 44.4 percent drop – that DataQuick has on record.

Las Vegas-Paradise, NV
	# sales			Median price
	May-06	May-07	%Chg	May-06	May-07	%Chg
Resale houses	3,638	2.055	-43.5%	$307,500	$300,000	-2.4%
Resale condos	861	508	-41.0%	$200,000	$183,500	-8.3%
New homes	3,116	1,713	-45.0%	$322,500	$307,900	-4.5%
All homes	7,615	4,276	-43.8%	$301,400	$290,200	-3.7%

Media calls: Andrew LePage (916)456-7157 or John Karevoll (909) 867-9534

Copyright 2005 DataQuick Information Systems.
All rights reserved.

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