Las Vegas Region November Home Sales Rise
Las Vegas Region November Home Sales
Jan 2, 2012
The number of homes sold in the Las Vegas area rose year-over-year for the fifth consecutive month in November as a surge in sub-$200,000 transactions made up for a decline in activity above that threshold. Prices appeared flat, with the region’s overall median sale price stuck at $115,000 for the third consecutive month, a real estate information service reported.
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Last month the number of homes that resold rose 11.3 percent on a year-over-year basis, marking the 11th consecutive month in which resales have posted an annual gain. It was the highest number of resales for a November since 2009, and the second-highest since 2005. November sales of newly-built homes also rose from a year earlier, by 9.8 percent, but were still the second-lowest on record for a November. New-home sales have risen year-over-year for the past five consecutive months.
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Robust Las Vegas home sales below $200,000, and especially below $100,000, have put 2011 on track to have the highest total home sales in five years and the highest resale activity in six years. The number of new and resale houses and condos that sold between January and November this year totaled 50,586, up 6.9 percent from the same period last year and the highest since 2006, when 74,608 homes sold during that 11-month period.
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