More than half of Las Vegas home sales in March were foreclosures or short sales, the president of Greater Las Vegas Association of Realtors said Monday.
The association reported 1,478 escrow closings for single-family homes during the month, a 34.6 percent increase from February. It was the third straight monthly increase. Sales are down 7.9 percent from the same month a year ago.
"What an increase we had in March," association president said. "People are coming outside, the weather's getting warm and they've heard doom and gloom all winter long. There's some great deals out there, and they're not going to last forever."
Inventory of homes listed for sale is at 22,763, up 1.2 percent from February and up 6.9 percent from March 2007
Median prices declined 1.4 percent to $243,169 as bank-owned properties continue to sell below market value, Kelley said. Foreclosures and short sales, or homes sold for less than the mortgage owed, accounted for 773 sales in March, 52.3 percent of the total.
While home prices are still declining, down 20.3 percent from a year ago, Kelley said she doesn't expect them to go much lower because they're now selling for less than what it would cost to build that same home today.
She said foreclosure homes are getting multiple offers. It's taking longer for banks to approve sales and for buyers to close escrow.
