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Las Vegas, NV - Freshest New Home Sales Decline Year-Over-Year in November After Rising Year-Over-Year in October

Posted on: Feb 06, 2012 09:28:30 AM

The Las Vegas, NV market saw a drop in new home sales year-over-year in November, a shift downward off a boost in October 2011. There was a 16.4% fall in new home sales from a year earlier. This came after a 20.2% hike year-over-year in October.

A total of 3,676 new homes were sold during the 12 months that ended in November, down from 3,740 for the year that ended in October.

New home sales represented 5.6% of overall housing sales. This is a decline 6.7% of sales a year earlier. Following a year-over-year increase in October, sales of new and existing homes fell year-over-year in November.

Pricing and Mortgage Trends

Average price of newly sold homes saw a 1.3% rise year-over-year in November to $233,806 per unit. This is a reversal from the 1.9% decline in October from a year earlier.

Average mortgage size on new homes declined year-over-year in contrast to new home prices. In November 2011, there was an 8.0% decline in the average mortgage size on new homes to $164,018. In October 2011, average mortgage size remained level from a year earlier at $170,716. The overall percentage of sale price that was being financed slipped 7.1 percentage points year-over-year to 70.2% in November 2011. This came after a 1.6 percentage point rise in October from a year earlier.

Other Market Trends

The percentage of new home sales belonging to single-family homes has risen from last year while the portion of new home sales belonging to attached units has dropped. The share of new home sales belonging to single-family homes jumped from 90.8% in November 2010 to 94.8% of sales in November 2011. At the same time, the share of new home sales belonging to attached units sank to 5.2% of sales from 9.2% of sales.

There was an 18.1% rise year-over-year in the average unit size of newly sold homes to 2,499 square feet in November 2011. The lift was sharper than the surge in average price of newly sold homes, making the movement simliar to October 2011 when the average size rose 5.2% to 2,039 square feet from a year earlier.

Foreclosures and real estate owned (REO) sales declined in November from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO sales accounted for 66.4% of existing home sales, down from 79.3% a year earlier. The percentage of existing home sales involving foreclosures dipped to 34.3% in November from 37.6% a year earlier while REO sales as a percentage of existing home sales declined to 32.1% from 41.7% a year earlier.

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