Fewer moving to Las Vegas

Low mortgage rates and federal assistance has done little to encourage moving activity to Las Vegas.

The city's economy continues to struggle, and as a result, fewer people are finding it an attractive location to relocate to. Only 4,310 Las Vegas homes were sold in July, 11.9 percent below average for that month and the lowest total since 2008, reported MDA Data Quick. That was a 22.2 percent decrease from the previous month, as well as an 18 percent year-over-year drop - the largest such decline since April 2008.

Foreclosure sales continue to dominate the housing market - in July, they made up 48.9 percent of all resales, up from 46.4 percent in June, said the report. Foreclosures are particularly popular options for buyers moving into their first home because they can be purchased at a large discount.

The most popular form of financing for first-time buyers - Federal Housing Administration-insured loans - made up a smaller portion of the Las Vegas market in July, dropping to 48.8 percent of all home loans, said the report.

First-time homebuyers also made up a smaller segment of national purchasing activity last month. A report by Campbell Surveys showed that only 39.1 percent of homebuyers in July were moving into their first home.


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