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Las Vegas home sales down along with prices

December 1, 2010 - Home sales in Las Vegas fell again in October, though those moving into new homes in the city often found heavily-reduced prices when they did so.

There were 3,961 homes sold in the Las Vegas-Paradise metropolitan area of Nevada during the month of October, down 7.4 percent from the month before and 21.8 percent from a year earlier, according to MDA DataQuick. Weak demand from homebuyers may have been the result of a lack of confidence from area consumers, as well as a perceived "hangover effect" from the expiration of the federal homebuyer tax credit.

"That effect is already fading, but the market suffers from renewed doubts about the strength of the economy and housing market, tight credit, anemic job growth and lingering concerns about job security," said the report. "Some are no doubt holding off for lower prices, or at least for evidence prices won't fall much farther."

Slow sales have already depressed home prices to their lowest point in 12 years, said the report. That was reinforced by data from Standard & Poor's, which showed that Las Vegas homes have lost 3.5 percent of their value over the past year, meaning discounts for those moving into new homes, but declining returns for anyone trying to sell one.
 

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