Feb. Home Sales in Las Vegas Highest Since 2006!
DQ News -- "Las Vegas region February home sales rose to a five-year high, boosted by unusually high levels of cash and investor purchases. The record portion of cash deals represented more than half of all transactions for the third consecutive month, while the percentage of homes bought with a mortgage dropped to the lowest point for any month in at least 17 years.
Last month 3,879 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County) – the highest sales tally for any February since 2006, when 6,065 sold. Last month’s sales were up 4.9 percent from both January and from February 2010."
MP: Isn't this evidence that markets are working? At some point, home prices fall far enough to start bringing buyers back into the market, and sales increase.
5 Comments:
Spoke with two local residential researchers this morning - their take on the market was not rosy. The recession ain't dead in Vegas yet.
I don't think the housing market has reached the market clearing level yet. Prices are down, but they should probably be lower. With the Fed and federal government trying to keep much needed deflation from occurring, we will never see a return to a real market value for homes. Not to mention that housing starts are still as dismal as ever: http://research.stlouisfed.org/fred2/data/HOUST_Max_630_378.png
"Feb. Home Sales in Las Vegas Highest Since 2006!"...
Well that's kind of understandable...
From the Las Vegas Sun dated Feb 22: Price of existing homes at 20-year low in Las Vegas
'SalesTraq reported the median price paid for existing homes in January was $109,000, down 9 percent from the $120,000 paid in January 2010 -- and the lowest price since 1991. The median price was $114,500 in December, the firm reported.'...
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Not to mention that housing starts are still as dismal as ever:
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As long as locals think housing is bad for their interests and the value of their homes, local regulation will keep building artificially low.
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