Sales of single-family homes in November rose 6.8 percent from the previous month and the median price climbed 1.4 percent, though year-ago comparisons remain depressed, the Greater Las Vegas Association of Realtors reported Wednesday.
Realtors sold 2,777 homes during the month, an improvement from 2,599 in October, but down 10.9 percent from 3,117 in November 2009. The median price fell 10.9 percent from a year ago to $134,900.
Inventory of homes for sale continued its steady climb to 22,624 in November, increasing 0.2 percent from the previous month and 8.5 percent from a year ago. Roughly 70 percent of the inventory is bank-owned homes and short sales, or homes offered at less than the mortgage owed. The number of units available without offer is 12,581, a 50 percent increase from a year ago.
Overall, the monthly statistics were somewhat encouraging, said Rick Shelton, president of the Greater Las Vegas Association of Realtors.
“I’m pleasantly surprised to see local home sales go up from the previous month,” Shelton said. “This is the first time our statistics have shown home sales increasing between October and November since at least 2004. We usually see sales decline in November and through the winter months before bouncing back heading into the spring.”
The median price of 733 condominiums and townhomes sold in November was $64,900, down 0.2 percent from $65,000 in October and down 4.6 percent from one year ago.