NV: Las Vegas Real Estate Prices Draw Investors

Home sales rose more than usual in the Las Vegas region last month compared with May but fell short of a year earlier amid exceptionally weak new-home sales. The median price paid for a home dropped from both May and a year earlier as foreclosure resales and sub-$100,000 transactions accounted for a higher portion of all transactions, a real estate information service reported.

In June, 5,262 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County), up 15.1% from May but down 5.1% from June 2010, according to San Diego-based DataQuick.. The firm tracks real estate trends nationally via public property records.

On average, the region’s sales have risen 9.5% between May and June since 1994, when DataQuick’s complete Las Vegas region statistics begin. June’s sales total fell 1.3% short of the average number of homes sold in June, but only because new-home sales were so low — the second-lowest on record for a June. The resale market performed relatively well last month: Resales of houses and condos rose 14.4% from May and 2.2% from June 2010, when outgoing federal homebuyer tax credits gave the market a final boost. Last month’s resales were 35.7% above average for the month of June.

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