Home sales up 54 percent in Clark County

first_imgThe number of Clark County homes sold climbed in July, driven by first-time buyers and investors who chipped away at the inventory of bargain-priced houses.But an ongoing price free-fall means the area’s housing market has yet to recover, according to local real estate experts. Beyond purchasers of low-cost entry-level homes, buyers seem hesitant to spend and sellers seem wary of the low prices their houses are likely to fetch. That’s created a housing market that’s difficult to predict, with some real estate experts anticipating prices to stabilize early next year, and others more wary about the futureThe number of county homes sold in July rose 53.8 percent compared with the same month last year, according to data compiled by Vancouver-based Riley & Marks appraisal firm. The company’s “benchmarks” tracking service tallied 512 sales of existing and new single-family homes last month. That was the most sold in July since 2009. It was also 179 more houses than were sold in July 2010, a period influenced by the momentum of federal tax credits for first-time and move-up buyers.“That program grabbed a lot of buyers and carried them through July,” said Terry Wollam, an agent with Re/Max Equity Group and president of the Clark County Association of Realtors. But then the program ended, and during the second half of 2010, home sales plummeted to record lows, a slump that continued through the first three months of 2011.last_img

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