The market trend from Regional Market Listing ServicePosted by Tina Ellis on Thursday, September 6th, 2012 at 2:42pm.
showed some improvement when
comparing July 2012 to the same
time period in 2011.
Offers increased 3.0%
comparing with July this year and last
from the previous month this year.
The pending sales numbers are the
highest since 2009 for
the month of July.
Sales increased 6.5%
since July 2011
and a 1.5% increase compared to
June 2012. Year-to-date
closings have increased 5.3%
when comparing the first seven
months of 2012 to 2011. July also
Inventory in months is unchanged
from the previous month and is
holding steady. At the July rate of
sales, the active listing count of 2,628
would be exhausted in 5.4 months.
This continues to be the lowest
inventory in Clark County since
June 2006 when it was 4.7.
Home sale prices continue to rise
when comparing July to the same
period last year. The average sale
price rose 7.6% from $211,300 to
$227,400 and the median sale price
rose 8.4%, from $183,300 to $198,700.
Both the average and median sale
price also rose when comparing
this month to the previous month
with year-to-date numbers holding steady
had the most closed sales so far
New listings dipped again this
month decreasing 11.2% from the
same month in 2011 and 1.5% from
the previous month.
AFFORDABILITY - According to a formula from the National Association of REALTORS®, buying a house in the
Clark County area is affordable for a family earning the median income. A family earning the median income
($73,000 in 2012, per HUD) can afford 213% of a monthly mortgage payment on a median priced home
($194,200 in June). The formula assumes that the buyer has a 20% down payment and a 30 year fixed rate of
3.68% (per Freddie Mac).
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