The percentage of homes sold in Las Vegas, which were on the market less than 60 days, was 65.5% in July of this year--as compared to homes 61-120 days on the market at 20%, and 121+ days on the market at 14.5%. In July 2007, homes less than 60 days were 51.1%, 61-120 days were 29.8%, and 121+ were 19.1%. Bank repos, investors, and low home prices are likely the cause of the shorter time periods homes remain on the market as a greater percentage of homes are are sold within 60 days.
New and existing median home prices continued to slide in Clark County for July. Median new home prices fell only .9% YOY, or $1,700, while existing home prices fell 10.9%, or $13,500 YOY for July. The lack of employment throughout Clark County (unemployment currently at 14.0%) continues to suppress local demand for home ownership and places additional downward pressure on home prices.
President Obama and many presidential hopefuls are pushing job creation at the center of their early campaigns.
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