The Las Vegas housing market appears to be settling into a more sustainable condition as price points are stabilizing and availability is returning to healthier levels. The median price of existing home sales is now at $160,000 which is up 28 percent over one year ago. The new home median price is much higher at $293,738. That's up 34.1 percent over this time last year. With that said, gains in new home sales prices have started to slow as increased availability in the resale market has emerged. For example, last November, 3,339 existing homes sold versus 424 new homes.
The mix of homes sold on the resale market has transitioned from distressed activity to the more traditional equity sales. As a matter of fact, non-distressed sales accounted for 7 out of 10 closings last month. Notice of Defaults are down 69.4 percent over one year ago. Foreclosures are down 28.9 percent and Trustee Sales down 37.1 percent in the past year. In November 2013, 395 Notices of Default were served while 396 homes were foreclosed on.
In spite of the decrease in foreclosures and Notice of Defaults served, delinquency does remain a concern in the Las Vegas real estate market and the full impact of the Homeowners' Bill of Rights is yet to be seen in the marketplace.