Las Vegas, Paradise, NV Get this data
in your Inbox

You have successfully subscribed to the local housing data e-newsletter for .

If you wish to receive monthly updates for other market areas please subscribe to new markets using our expanded form.

Las Vegas, NV - Latest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January

Posted on: May 07, 2012 09:23:36 AM

In the Las Vegas, NV market in February, new home sales increased year-over-year, rising after a drop in January 2012. New home sales saw a 7.2% rise from a year earlier to 252. This came after an 11.8% fall year-over-year in January.

A total of 3,939 new homes were sold during the 12 months that ended in February, up from 3,922 for the year that ended in January.

New home sales accounted for 4.7% of overall housing sales. New home sales were 4.4% of overall sales last year. For new and existing homes, sales fell in February after also declining in January year-over-year.

Pricing and Mortgage Trends

In February, the average price for new home sales was $235,863, an 8.4% decline from last year. This decline is larger than the 5.8% decline in January from a year earlier.

The average mortgage size on new homes moved north year-over-year in contrast to new home prices. In February 2012, average mortgage size rose 4.8% from a year earlier to $208,055. Average mortgage size dipped 2.6% in January 2012 from a year earlier. Of the overall sale price, the percentage that was being financed climbed 11.1 percentage points year-over-year to 88.2% in February 2012. This was another rise after January 2012 when there was a 3.0 percentage point rise from a year earlier.

Other Market Trends

The percentage of new home sales belonging to single-family homes has risen from last year while the portion of new home sales belonging to attached units has dropped. The share of new home sales belonging to single-family homes increased from 80.0% in February 2011 to 93.7% of sales in February 2012. Meanwhile, attached units as a percentage of all new home sales slid to 6.3% of sales from 20.0% of sales.

There was a 12.4% boost year-over-year in the average unit size of newly sold homes to 2,305 square feet in February 2012. The average size of newly sold homes moved from 2,191 square feet in January 2011 to 2,161 square feet in January 2012.

Foreclosures and real estate owned (REO) sales stayed a drag on the market. Out of all existing home sales, foreclosures combined with REO sales made up 68.9% of sales. They represented 76.0% in February 2011. The percentage of existing home sales involving foreclosures declined to 26.9% in February from 31.9% a year earlier while REO sales as a percentage of existing home sales fell to 42.0% from 44.2% a year earlier.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.