Las Vegas: Home sales continue to increase
ReviewJournal.com – Business – HOUSING MARKET: LV home sales soar in November.
The article linked above states that a bottom appears to be forming in the Las Vegas real estate market. Regular readers of this site know I have been chronicling the resurgence of existing home sales in California and Las Vegas over the last 6 months or so. Las Vegas and Sacramento were among the most over-heated in the nation during the price run-up and have fallen the hardest since the peak.
For November, Las Vegas had existing home sales were 120% higher than the same month in 2007. This is the third month in a row that sales were double the same month in 2007. Available inventory of homes for sale sits at 10.4 months compared a 24 month supply at the end of 2007. The inventory as months supply has been driven down more by increasing monthly sales as the actual number of homes on the market has decreased by just 3.1%.
The median price continues to fall as the majority of sales are bank owned properties or short sales. The rate of price decline is slowing but has not yet bottomed.
I found this quote especially interesting considering the source. Alexis McGee is the President of Foreclosures.com:
“Recovery is under way. Affordable is back in the housing market,” McGee said. “In 2009, housing will not only recover, but we’ll see buyers leap into this market in droves, depleting our housing oversupply, and actually put higher price pressures on the market.”
I hope this is the case.
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