Mid-May Market Watch
While reading some articles in reviewjournal.com the other day I ran across an article entitled “Home slump in LV persists”. This interesting piece written by Hubble Smith provides some insight as to what the housing market in Las Vegas is going through as of May 17, 2007. Click here to read this informative piece.
The article states that according to recent data provided by Dennis Smith of Home Builders Research, new and existing home sales fell by “double digit percentages in April of 2007. Add to that the fact that home builders pulled 38.3% less new home permits in April 2007 than the year before and it almost does not make sense. Less new home construction is supposed to help existing home sales, until you consider that there are 22,000 homes vacant homes on the Multiple Listing Service in Las Vegas. Somber news if you are thinking of selling your home. Unless you believe as Dennis Smith does that, "As the new home inventory drops, we think the resale inventory will drop. When they drop, this market will firm up,” Unless of course, home sellers continue to ask too much for their homes. Improperly priced homes will not sell as easily as ones that are realistically priced.
The article goes on to quote current median values for new homes, resale homes and condominiums as well as possible reasons as to why these median prices are not accurately reflecting actual home values.
If you are interested in the Las Vegas, Nevada real estate markets, I would recommend perusing this article for an up to date view into what is currently happening in this area.
Thank you,
Lisa L. Magness
http://www.lvrj.com/business/7549657.html
Enjoy, and thank you for allowing me to share my thoughts with you. Have a great week!
My Previous Real Estate Articles
- March 16, 2007 Subprime woes it Las Vegas
- February 16, 2007 Housing sales slide in 40 states
- January 10, 2007 LV home prices to drop, says magazine
- October 30, 2006 Housing this side down
- October 4, 2006 Housing prices projected to fall in Nevada
- September 22, 2006 Price cuts foreseen in housing market
