More buyers gamble on a home in Las Vegas

Tuesday, July 12, 2011

More buyers gamble on a home in Las Vegas

Las Vegas property sales increased in June, as more purchase took advantage of cheap home prices, according to the data provided by the Greater Las Vegas Association of Realtors (GLVAR).

A total of 4,540 homes, condominiums and town homes were sold in June, up from 3,991 total sales in May and up from 4,265 sales one year ago.

Within that total, single-family home sales increased by 16.7 per cent, while sales of condos and town homes increased by 3.5 per cent compared to June of 2010.

"GLVAR records show this was the third best month ever for the number of existing homes sold in our market," said GLVAR President Paul Bell. "Of course, we'd love to see home prices going up like they did the previous month, instead of down slightly, as they did this month. But that seems to be the way things are going as we continue to bounce along the bottom."

According to GLVAR, the average price of a single-family home sold in June was $124,500 (£78,616), down 1.2 per cent from $126,000 (£79,557) in May and down 11.1 per cent from one year ago.

The average price of local condominiums and town homes sold in June was $59,900 (£37,825), down 4.5 percent from $62,750 (£39,625) in May and down 14.4 per cent from one year ago.


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A Place In The Sun