Single family residential (SFR) closings for August were up over 17% from July and up more than 31% from August 2010. Short sale closings were up 25% from July as we continue to see banks streamline their short sale approval procedures and become more efficient in processing short sales. Available REO listings declined in August as the number of available REO listings now hovers around the 3200 unit level.
While the median and average prices remain soft with the median closed price of an SFR at $120,000 – that does not represent all of the market. For example, both Aliante and the areas around McCarran airport saw modest market price increases. It should be noted that the average sales prices of both REO and short sale closings were lower in August than in July. However, traditional sales closed nearly 1% higher in August with an average closed sales price of $168,555. If we look only at traditional SFR closings for August, they averaged $190,837!
Have you hugged a classic listing this week?
Bonus: A Look at the SFR Market