For the first time since September 2005, sales of single family homes in Las Vegas were higher than the same month of the previous year. There were 1,794 home sales in April, nearly 30 percent more than in April 2007. This was the fourth consecutive monthly increase of sales in Las Vegas. Sales were up 20 percent from March 2008.
The inventory of homes available for sale has stabilized at 22,942, a 3.1 percent increase from a year ago.
The median price of a single family home is now $235,875, down 3 percent from March. The price is down 22.67 percent from a year ago. The decline is attributable to the number of short sales and foreclosures selling for below market value. These sales continue to account for more than half of all homes sold each month.
Condo and townhome sales were up 7.1 percent from March, with 212 total sales in April. This is down 28.4 percent from April 2007. The median price was $155,000, down 4.9 percent from March and down 22.3 percent from a year ago.