Las Vegas Homes Keep Getting Cheaper

The median price paid for Las Vegas region homes fell to $159,000 in January - the lowest since spring 2002 - as foreclosures' share of the resale market hit 73%. Lower prices triggered enough home sales to surpass the year-ago transaction level for the fifth consecutive month, a real estate information service reported.

A total of 3,127 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County) in January, down 21.8% from December but up 24.8% from January 2008, according to MDA DataQuick. The San Diego-based firm tracks real estate trends nationally via public property records.

January marked the 10th consecutive month in which sales of existing single-family detached houses rose on a year-over-year basis, while resale condos have seen an annual sales gain for seven straight months. Total home sales, which have suffered from the decline in new-home construction, climbed above the year-ago mark for the fifth consecutive month but were the lowest for a January since 2000.

The 249 new homes sold - detached houses and condos combined - marked a record low for any month in DataQuick's complete Las Vegas statistics, which go back to 1994.

The median price paid for all homes sold in the Las Vegas metro area fell to $159,000 in January, down 9.1% from $175,000 in December and down 37.6% from $254,990 in January 2008. The January 2009 median's 37.6% year-over-year decline is a record for any month in DataQuick's Las Vegas statistics.

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