Resales pass 2,600 units for first month since March '07; new-home sales stall

Great news! The number of existing homes sold locally in May surged to its best showing in 14 months even as sales of new homes lagged, according to two new housing reports released this week.

Statistics from local research firms Home Builders Research and SalesTraq revealed a 5.2 percent jump in resales in May, with buyers snapping up 2,606 units. Buyers bought 2,477 existing homes in the same month a year ago.

"May data for the Las Vegas housing market suggests that recovery has begun for the resale market," SalesTraq President Larry Murphy said.

The last time resale closings surpassed 2,600 homes in a single month was March 2007. Closings on existing properties spent fall and winter mired at around 1,500 units a month.

Analysts said May's results don't herald a permanent end to declines in local home prices and sales.

Rising oil prices and a deteriorating job market could complicate chances for a widespread housing recovery, Murphy said. What's more, though banks sold about 1,300 foreclosures in May, they took possession of another 2,500 or so foreclosed homes in the same month. Until that statistic reverses itself, and banks are disposing of more homes than they're taking over, prices could continue to slump.