Las Vegas Year-Over-Year Home Sales Drop for First Time in 21 Months

As fewer foreclosed properties sold and the impact of the federal homebuyer tax credit began to fade, May marked the first time in 21 months that Las Vegas region home sales dropped below the year-ago level, MDA DataQuick recently reported.

According to the San Diego-based property data provider, a total of 4,386 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area in May, down 1.7 percent from April and 3.3 percent below last year’s level. MDA DataQuick said this was the second-lowest home sales total for the month of May in 10 years, following behind May 2008.

The number of houses and condos that resold – meaning no newly built homes – in May fell to 3,859, a 3.1 percent decline from one month earlier and…

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