Realtors: Las Vegas home prices off 8.6 percent from September 2010

Las Vegas-area home prices in September fell from year-ago levels while sales stayed strong thanks to investors snapping up homes at bargain prices, the Greater Las Vegas Association of Realtors reported today.

In a market still influenced by high foreclosure and unemployment rates, the Realtors said the median price of single-family homes sold in September was $123,400. That’s up 2.8 percent from $120,000 in August, but down 8.6 percent from $135,000 one year ago.

The median price of local condominiums and townhomes sold in September was $56,500, up 0.9 percent from $56,000 in August, but down 13.1 percent from $65,000 one year ago.

The GLVAR, whose report focuses on existing properties as opposed to new construction, said the total number of local homes, condominiums and townhomes sold in September was 4,108. That was down from 4,693 sales in August – the second-best month ever for existing home sales in Southern Nevada.

But September’s sales total was up from 3,603 sales one year ago.

“This month’s report is about what we expected,” GLVAR President Paul Bell said in a statement. “Local home sales usually fall a bit in September after peaking in the summer.”

The pool of buyers in Las Vegas has been limited by the elevated unemployment rate, which was 14.2 percent in August.

Investors, in the meantime, continue to find bargains as research firm RealtyTrac reported that in August, Nevada and Las Vegas led its national lists of home mortgage default notices for states and cities, respectively. These notices are the first step in the foreclosure process.