Industry NewsMarkets & Economy

Home-price slump isn’t leaving Las Vegas

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Sales of resale homes in the Las Vegas area rose for the seventh consecutive month in July but were down 7.6 percent from January through July compared to the same period last year, and the resale median price was down 24.5 percent year-over-year in July, a research company reported. The Las Vegas metro area had steep climbs in home sales and pricing during the boom years (see Inman News report) but has since ranked among the hardest-hit markets during the current slump, with high levels of foreclosures and price declines. Home Builders Research Inc. also reported in its July report that "over 60 percent of the recorded resales in July were foreclosed properties," and "over 50 percent of the listed homes for sale are vacant." According to Greater Las Vegas Association of Realtors data, there were about 28,961 single-family and condo/townhomes for sale in July in the area, for an estimated 10-month supply of inventory not counting upcoming foreclosures an...