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Nov. 09, 2009
Copyright © Las Vegas Review-Journal

Home sales, median price continue upswing

By HUBBLE SMITH
LAS VEGAS REVIEW-JOURNAL

More about housing in Southern Nevada

Single-family home sales continued to post big numbers in October and median prices rose for the second straight month, the Greater Las Vegas Association of Realtors reported today.

There were 3,535 home sales during the month, a 5.3 percent increase from September and a 30.1 percent increase from the same month a year ago.

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    • The median price climbed to $139,100, up from $138,000 in September and from $135,500 in August. It’s down 26.8 percent from a year ago.

    Inventory remained steady at nearly 21,000 units, though most of the listings are contingent or pending sale, the Realtors group said. Only 8,075 units are available without offers.

    The recent extension and expansion of the federal tax credit probably will keep home sales strong in the coming months, association president Sue Naumann said.

    “This has been a big boost to our economy and our local housing market,” she said. “I think we can see the increased values more because of the $8,000 homebuyer tax credit and the extension of that has really helped the market quite a bit. People were getting frantic wondering if they were going to be able to close before the deadline, so that gives a little bit of breathing room for everyone.”

    Realtors across the country are happy to see a tax credit of up to $6,500 extended to first-time buyers and also to “move-up” buyers, Naumann said.

    Home prices in Las Vegas are being dragged down by foreclosures, which have a median price of $116,900, according to Las Vegas-based SalesTraq research firm.

    Naumann said the percentage of bank-owned home sales declined to 64.5 percent in October, compared with 67 percent in September.

    Recent data show the dismal housing market making a turnaround, but there are still supply and demand issues that will hamper the recovery, said Whitney Tilson of T2 Partners investment firm in New York.

    Low interest rates, falling home prices and the first-time homebuyer tax credit have contributed to a seasonal upturn in housing. However, total inventory is triple what’s actually being reported, Tilson said. He estimates there are twice as many homes in foreclosure or near foreclosure yet to be listed for sale with a wave of losses still to come on prime loans and jumbo loans.

    “The rebound has been stronger than we’ve anticipated,” Tilson said. Still, he remains confident that this is the “mother of all head fakes.”

    Statistics from the Greater Las Vegas Association of Realtors are based on data collected from the Multiple Listing Service and do not necessarily account for sales by owners, home builders and transactions not involving a Realtor.

    Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.

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    Bubble wrote on November 13, 2009 10:37 AM: I need a job like Hubble Smith. Everyday is something different.


    Guest wrote on November 12, 2009 02:43 PM: The housing market here is on the upswing?

    I really doubt it. Unemployment is still going up, everything else important, like the gaming take, is down again, what would make housing go up?


    who pays the rj a commossion to post these lies$ wrote on November 09, 2009 08:58 PM:
    lies and scams all day every day


    Big Bill wrote on November 09, 2009 08:02 PM: Wow. Unemployed people are now renting homes purchased by speculative buyers? How did we miss this one?

    How many more houses do the sycophants and myrmidons say the spec buyers are going to purchase from those who are upsidedown and/or bankrupt?

    I looked into buying recently. I am not looking at bankrupt or bank held homes. But I do get the song and dance from a few realtors about "striking while the iron is hot" and "these homes in this price range are really moving"... only it's a ruse. They are not moving. Two realtors have practically come begging, and another has left the world of realty altogether. Moved back to Minnesota.

    The market has not hit bottom. If there is a market, it is artificially created. Enter the pool at your own risk.


    the investors are flipping what they got for nothing wrote on November 09, 2009 07:43 PM:

    say no to greed and leave them holding empty houses


    Zippy wrote on November 09, 2009 07:42 PM: Oh Hubble....what will you write tomorrow? I cant wait to hear. Lets see,today was positive...tomorrow, Negative??


    my2cents wrote on November 09, 2009 07:13 PM: wettap has it right. hehe. Perception plays a BIG part in a market economy. Real estate agents shot themselves in the foot in 2007, when the bad numbers started rolling out by perpetuating the naysayers, scaring away the homebuyers and investors, hence, be careful what you wish for.

    Now, is those same people would start protraying the market as rebounding, then it will. Build it (confidence) and they will come...grasshopper.


    Too_many_RE_hucksters wrote on November 09, 2009 05:22 PM: I don't believe that smart investors are coming in to buy at these levels. At the high end, I think prices need to drop another 20-30% before rental income starts looking attractive. Even so, it always amazes me to see the asking rental prices for really junky homes. If you look *really* hard you'll find a much more luxurious property for the same money. In other words, those cookie-cutter rentals need to cut prices!


    FeistScam wrote on November 09, 2009 04:55 PM: I worked at fesit once

    they have people giving out both sides of games

    A SCAM


    Really? wrote on November 09, 2009 04:47 PM: Seriously? According to Zillow.com, I'm still so upsidedown, it's a joke.

    Yes, I made reasonable home improvements during the big equity years, but the market backlash has over whelmed my homes value.

    It's a great home and I'm bailing H2O as fast as I can.


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