Las Vegas September 2007 Home Sales

November 7, 2007

Las Vegas area home sales tumbled to an 11-year low in September as the median sale price retreated to its lowest level since November 2005, a real estate information service reported.

The median price paid in the Las Vegas-Paradise metro area (Clark County) for all homes combined dropped to $289,000, down 4.6 percent from $302,800 in August and down 5.2 percent from September 2006, according to DataQuick Information Systems of La Jolla, Calif. The firm tracks real estate trends nationally via public property records.

September's 5.2 percent year-over-year decline in the median price is the largest for any month since at least 1994, when DataQuick's complete home sales statistics begin for the Las Vegas area. The median sale price has fallen on a year-over-year basis for five consecutive months and is now 7.4 percent lower than the region's peak $312,000 median reached in November 2006

Another gauge analysts use to measure pricing trends, the median price paid per square foot for resale houses, indicates greater weakness in the Las Vegas region. The median per square foot fell to $166 in September, down 10.6 percent from a year ago. It was the 10th consecutive month in which the price has fallen on a year-over-year basis. September's figure was 12.7 percent lower than the peak $190 median paid per square foot in May and June of 2006.

A total of 3,033 new and resale houses and condos sold in the Las Vegas area in September. That was down 26.5 percent from 4,128 in August and down 50.2 percent from 6,088 in September 2006. September sales were the lowest for that month since September 1996, when 2,901 homes sold.

Las Vegas region home sales have fallen on a year-over-year basis for the past 20 months.

Las Vegas-Paradise, NV
	# Sales			Median price
	Sep-06	Sep-07	%Chg	Sep-06	Sep-07	%Chg
Resale houses	2,565	1,296	-49.5%	$308,452	$282,500	-8.4%
Resale condos	614	303	-50.7%	$194,751	$180,623	-7.3%
New homes	2,909	1,434	-50.7%	$320,647	$310,290	-3.2%
All homes	6,088	3,033	-50.2%	$305,000	$289,000	-5.2%

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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