August Real Estate Numbers Showing Good News
We all know that the Las Vegas housing market was one of the top casualties during the recession. The number of foreclosures far outpaced the rest of the country and many Las Vegas residents were forced out of their homes. While we are finally seeing some positive signs that the market is regaining footing, there are still some areas that need attention.
The August 2015 real estate numbers are promising and show a changing market.
Las Vegas Housing Market Review
Tom Wirt, a local real estate agent, recently reviewed the Las Vegas housing market. He noted that in August 2015, 2246 homes were sold. This was a decrease over July when 2517 homes were sold. The beginning of school can be largely a reason for this decrease, as most families want to be settled into a home before school starts and tend to shy away from purchasing during the school year.
In August, 208 repossessed homes were sold and this is a decline from the 251 sold in July. Townhome sales actually saw an increase from 162 in July to 178 in August. Short sales decreased in August over July, from 227 to 178.
As far as pricing, of the homes sold during August, only 14% were under $100,000. Those priced between $100,000 and $200,000 saw the highest percentage (52%) of sold homes for both traditional and short sales. The next price range of $200,000 to $300,000 homes made up 34% of homes sold during the month of August and the most expensive homes only made up of less than 1% of sales. This clearly shows that there is some good news, especially for those who are selling more entry-level homes.
These numbers are very interesting, as it shows that the entry level homeowners are starting to regain some confidence in the housing market and are able to get loans to purchase homes. This translates into good things for the housing market in general. Whether you are a realtor, a homeowner, or a prospective homeowner, all signs point to the Las Vegas real estate market steadily and gradually getting better.