Las Vegas home prices continue to fall
ReviewJournal.com – Business – LV home prices fall to level not seen since 2003.
The January housing sales figures for Las Vegas are not pretty. The number of sales fell 11% from December and the median price was 8.6% lower than the earlier month. Not good signs on both counts. The sales market is still much stronger than a year earlier with sales 126% higher than January of 2008.
The median price remains suspect when 88% of sales are either short sales or foreclosures. These sales are from sellers much more interested in just moving the property rather than maintaining any pricing level.
January was the month when many started to realize the affect of the recession on the 2008 economy in the 4th quarter. Also, the nation was waiting for President Obama to take office and start to reveal his plans for helping the economy. February seems to be more of the same so I do not expect much to change for the Vegas housing market.
Although the sales levels are encouraging, I do not see a housing turnaround in any market until the average sales prices stabilize.
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