The market trend from Regional Market Listing Service
by Tina Ellis
on Thursday, September 6th, 2012 at 2:42pm.
Clark County real estate activity 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 dropped 11.2% 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. Sale Prices 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 in 2012. 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).