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According to a recent report compiled by DataQuick, the home resale market in Las Vegas submitted a healthy month, while the rest of the region's sector struggled during July.
The report reveals home sales fell more than usual in Las Vegas during the month when compared to June. However, the total volume of transactions was greater than July 2010, which was the first month following the expiration of the federal homebuyer tax credit.
During July, 4,535 new and resale homes and condos closed, which was down 13.8 percent from June, but 5.2 percent above the total from July 2010. Since 1994, sales average a 8.4-percent decline between June and July. DataQuick believes this year's abnormal drop was a result of more property seekers fearing the shaky economy when contemplating buying a home for sale.
The report also showed that distressed home sales account for more than 70 percent of the region's resales, as 59.5 percent all total sales were foreclosed homes and 11.5 percent were short sales. According to a recent report from the National Association of Realtors, Nevada and Las Vegas continued to lead the nation in terms of foreclosure rate during July.
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