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Las Vegas Home Sales Drop Nearly 22% from Year-Ago Levels

The Las Vegas region experienced a dip in home sales and median sale price in October, according to ""MDA DataQuick"":http://www.dataquick.com, which tracks real estate trends nationally via public property records.

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A total of 3,961 new and resale houses and condos sold in the Las Vegas-Paradise metro area (Clark County) in October, down 7.4 percent from September and down 21.8 percent from a year earlier.

Last month was the region's lowest sales tally for an October since 2007 when 2,952 homes sold. On average, the region's sales have fallen 2.5 percent between September and October since 1994 when DataQuick's complete Las Vegas region statistics began.

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The overall median sale price for all new and resale houses and condos sold in the region dropped nearly 4 percent from a year ago to its lowest level in more than a decade. The median price paid in October was $125,000, down 3.8 percent from $130,000 in September and a year earlier. It was the lowest for any month since April 1998 when it was also $125,000.

The Las Vegas region's peak $312,000 median was in November 2006 - 59.9 percent higher than October 2010's median.

Newly built homes plummeted 23.7 percent from September and 26.2 percent from 2009 to the lowest level on record for an October, making new-home sales just 9 percent of total regional home sales last month.

Sales of existing single-family detached houses fared better, falling only 6.1 percent from September and 24.3 percent from a year ago. Condo resales, which represented 21.9 percent of total October sales, slumped 3 percent from September and 10.6 percent from last year.

Foreclosure resales rose to 53.3 percent of the Las Vegas resale market in October, up from 51.1 percent in September but down from 66.8 percent a year earlier. Foreclosure resales peaked at 73.7 percent of the resale market in April 2009.

In the first ten months of 2010, more than 25,000 Las Vegas area houses and condo units were lost to foreclosure, down 15.8 percent from the same period last year.

About Author: Heather Cernoch

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