Despite today’s challenging economy, Las Vegas home sales continue to climb. In March alone, Las Vegas saw its highest number of home closings in 17 months, at 5,114. This number rose 7.6 percent from the same time last year. The first quarter of 2011 showed a final number of 12,515 closings on existing homes with March’s numbers just shy of beating out the last high of 5,160 from October 2009.
The median price of homes continues to fall and is now at a staggering $108,000, the lowest it has ever been for Las Vegas since 1991. Bank owned homes continue to hit the market ultimately keeping home values lower than ever with fewer homes seeing appreciation in value. Equity title reports that in the month of March alone there were 3,686 notices of default filed, 4,647 notice of trustee sales and 2,119 foreclosures.
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