Las Vegas Dominates Distressed Home Sales

for sale sign

Las Vegas has led the nation when it comes to distressed home sales in May of 2014 according to a report by real estate analytics company RealtyTrac.

The report stated that up to 36.6 percent of all its housing sales have consisted of short sales and transactions related to foreclosed or bank-owned homes. At the national level, this accounts to 14.3 percent of all housing sales last month.

“Distressed sales continue to represent a smaller share of the overall sales pie nationwide, helping to boost median home prices higher given that distressed sales tend to be in lower price ranges,” RealtyTrac vice president Daren Blomquist said.

“When broken down by average price range, U.S. sales are clearly shifting away from the lower end. Properties selling below $200,000 represented 50 percent of all sales in May, but that was down from a 55 percent share a year ago. Meanwhile, the share of homes selling above $200,000 increased from 45 percent a year ago to 50 percent in May 2014.”

RealtyTrac further stated that some 23.1 percent of all housing sales in Las Vegas for the month of May went to bank-owned properties which are the third highest percentage nationwide after Modesto and Riverside in Caliornia. This rate is triple the 8.6 percent national average.

RealtyTrac also estimated that based on May activity, Nevada housing sales dropped 7 percent from a year ago, the nation’s third sharpest decline behind California (down 15 percent) and Arizona (down 10 percent).

But Nevada’s median home sales price of $165,000 was 14 percent higher than a year ago.

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