Las Vegas' Existing Home Sales Hit 2-Year Low, New Home Sales A Record Low

August home sales in Las Vegas  dropped to a two-year low for that month, according to real estate research firm MDA DataQuick of San Diego. Prices remained stagnant on a year-over-year basis but increased when compared with July.

Sales in August slipped 0.9% from July and 9.5% from August 2009. That follows a steep 22.2% month-over-month drop in July, brought on by the expiration of the popular federal tax credits for home shoppers.

A total of 4,270 new and resale houses and condos sold in the Las Vegas-Paradise metro area. Sales of newly built homes fared the worst, falling to their lowest level on record for an August. Despite a glut of foreclosures in the area, new home sales in Las Vegas had picked up earlier this year as builders marketed smaller, less expensive properties to first-time buyers as an alternative to foreclosure properties.