Home sales in the Las Vegas-Paradise metro area increased in October, despite a historic decline in the month.
According to DataQuick, 4,570 new and resale homes and condos were closed in October, up 11.7 percent from the previous month and down 0.7 percent from a year ago. Since 1994, sales have declined an average of 1.7 percent between September and October.
Additionally, the median price for new and resale homes and condos was $137,000, a 19.2 percent year-over-year gain. However, this figure was unchanged from the previous month. Before April of 2012, the median price had declined for 18 consecutive months in Clark County.
Although the real estate market typically sees a seasonal slowdown at this year, home sales figures have remained strong as a result of record low mortgage rates. According to Freddie Mac's most recent Primary Mortgage Market Survey, both 15- and 30-year fixed-rate mortgages averaged new lows in the week ending November 21. Low rates have helped make home buying affordable to many people who have been on the fence.