Existing home sales in June reached their highest level since August 2005, and the new-home market had its best month since November, according to statistics released today by SalesTraq.
The latest numbers show the continued demand for low-priced foreclosures, with 45 percent of the sales being bank-owned properties.
The median price of existing homes dipped in June to $106,000, which is nearly $4,000 less than January.
The median price was down $200 from May, but was nearly 14 percent lower than June 2010, when it was $123,000, according to SalesTraq.
Unlike the Greater Las Vegas Association of Realtors, SalesTraq monitors existing home sales on and off the Multiple Listing Service.
Some 671 of the sales were auctions on the courthouse steps. Those properties fetched a median price of $92,500.
Foreclosed homes sold for a median price of $103,000 in June. The pipeline showed no sign of slowing, with 1,924 homes repossessed in June, a 21 percent increase over June 2010, the firm reported.
The inventory of foreclosure homes was at 11,195, about 2,000 fewer than last year.
Short sales sold for a median of $115,000 and traditional sales went for $111,900, SalesTraq reported.
The average price per square foot for existing homes sold in June was $69.53, down from $70.35 in May.
In the new-home market, the 357 sales in June was the most since builders sold 391 in November. Despite the increase, the number sold is nearly 64 percent fewer than in June 2010.
Through the first six months of 2011, builders have sold 1,752 homes, on a pace to sell about 3,500 by the end of the year. Aided in part by condominium sales at CityCenter, builders sold 5,438 homes in 2010.
The median price of new homes sold in June was $200,000, which is 6.4 percent higher than June 2010. The median price was $193,843 in May.
The average price per square foot for new homes in June was $97.75, a 3.3 percent decline from June 2010.
Builders took out 457 permits in June, the most since April 2010. The total is 8 percent higher than June 2010.
Las Vegas had 250 active subdivisions at the end of June, the highest since June 2009.
Builders sold 1.43 homes per subdivision in June, the most since 1.54 homes per subdivision were sold in December.