Las Vegas June 2007 Home Sales

August 10, 2007

The Las Vegas region's housing downturn intensified in June as home sales dropped to a nine-year low and the median sale price fell on a year-over-year basis for the second consecutive month, a real estate information service reported.

The median price paid in the Las Vegas-Paradise metro area (Clark County) for all homes combined was $300,900. That was up from 290,200 in May but down 3.3 percent from $311,100 in June 2006, according to DataQuick Information Systems of La Jolla, Calif. The firm tracks real estate trends nationally via public property records.

The region's median sale price went negative on a year-over-year basis this year in March, then was flat in April. The May median fell 3.7 percent, marking 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 – 3.7 percent higher than June's $300,900 median.

Another gauge analysts use to measure pricing trends, the median price paid per square foot, shows a bit more weakness in Las Vegas area home values. The median per square foot fell to $177 in June, down 6.5 percent from a year ago. It marked the seventh consecutive month in which the price has fallen on a year-over-year basis, and was the lowest since it was $177 in May 2005. June's figure was 6.7 percent lower than the $190 price per square foot peak reached last year in May and June.

A total of 4,476 new and resale houses and condos sold in the Las Vegas metro area in June. That was down a tad from May and down 44.8 percent from 8,110 in June 2006. June’s year-over-year sales decline is the largest DataQuick has on record for any month in the region. The June sales total was the lowest for any June since 1998, when 4,059 sold.

Las Vegas region sales have fallen on a year-over-year basis for the past 17 months.

The severity of the annual sales dropoff varied by price segment: June sales of homes priced under $200,000 fell 35.9 percent from a year ago, while sales of homes priced from $300,000 to $600,000 dropped 53.7 percent. Sales of homes over $800,000 fell 30 percent. Sales of multi-million-dollar properties saw the opposite trend: public records show 23 homes sold with a price or loan of at least $2 million in June, up 15 percent from 20 such sales a year earlier.

Las Vegas-Paradise, NV
	# Sales			Median price
	Jun-06	Jun-07	%Chg	Jun-06	Jun-07	%Chg
Resale houses	3,573	2.054	-42.5%	$312,250	$302,660	-3.1%
Resale condos	863	479	-44.5%	$197,000	$189,000	-4.1%
New homes	3,674	1,943	-47.1%	$332,113	$322,990	-2.7%
All homes	8,110	4,476	-44.8%	$311,100	$300,900	-3.3%

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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