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June Market Update

Sales numbers continue to increase as they have for the last six months. 2,226 single family homes sold in June, up from 2,026 sales in May. This is a 50 percent increase from June, 2007. Of the sales recorded in June, 162 were short sales and 1486 were REO or bank owned. 801 of the sales were for properties priced $200,000 or less; 744 were priced $201,000 to $300,000. There were 548 sales over $300,000. Because the majority of sales were below $300,000, the median home price in June was $225,000, 4.9 percent less than in May.

Listings for single family homes were reduced, as well. Currently there are 16,097 single family homes listed for sale in the Multiple Listing Service in the Las Vegas metropolitan area. 3,781 are REO listings and 5,049 are short sale listings.

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