Las Vegas bucked the seasonal norm and logged higher home sales in September than in August – something seen only three other times in 15 years, according to MDA DataQuick.
Last month, 67.1% of the Las Vegas-area houses and condos that resold were foreclosure resales, meaning those homes had been foreclosed on in the prior 12 months. That was down from 68.4 % in August but up from 63.1% in September 2008. Foreclosure resales peaked in April this year, at 73.7% of total resales.
A total of 5,014 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area in September – up 6.3% from August and up 17.3% from a year earlier. It was the highest sales total for a September since September 2006, when 6,088 homes sold.
September was the 13th consecutive month in which total sales rose on a year-over-year basis.
DataQuicl says tje August-to-September sales gain, which followed a relatively sharp and unusual drop in sales from July to August, is likely the result of three factors: increased short sales, historically low mortgage rates and the soon-to-expire federal tax credit for first-time buyers.
Short sales, which have become more common, often take significantly longer than traditional sales to close escrow, meaning some mid-summer deals that normally would have closed in August instead closed in September.
SOURCE: MDA DataQuick