Single family residential (SFR) closings for January were down 3.8% from December 2010 but at 2509 closings it is still the second best January on record. The median sales price of an SFR dropped to $125,350 for a decline of 5% from December. REO sales at the lower price points dominated January sales activity and contributed to the downward price pressure. Here is a “stock market” look at Greater Las Vegas SFR closings.
The decline in FHA closing is also having an affect as we experience ever tighter underwriting for both FHA and Conventional loans. Cash was king in January.