Sunday, July 01, 2012

May Las Vegas Home Sales Highest Since 2006

DQ News -- "Las Vegas-area home sales rose to a six-year high for the month of May as the number of transactions above $200,000 increased sharply from last year, making up for fairly flat sales for lower-cost properties. With foreclosure resales at the lowest level since late 2007, the median sale price rose above a year earlier for the second consecutive month, reaching a 17-month high

In May, 4,829 new and resale houses and condos closed escrow in the Las Vegas metro area. That was up 6.1% from a revised 4,550 the month before and up 5.7% from 4,570 sales a year earlier."

MP: With both home sales and median home prices increasing in Las Vegas year-over-year, and with foreclosures at close to a five-year low and sales for the month of May at a six-year high, I think it's safe to say that the Las Vegas real estate market is past the cyclical bottom, and on the way back up.  

3 Comments:

At 7/01/2012 9:22 PM, Blogger Pulverized Concepts said...

Most of those Las Vegas homes are being purchased by North Dakota oil field workers.

 
At 7/02/2012 7:37 AM, Blogger knifecatcher said...

State and federal laws enacted to protect homeowners from eviction in the wake of the 2008 housing crash may be extending the slump, according to a growing number of economists and industry experts.

Foreclosures have all but ground to a halt in Nevada, which passed one of the stiffest borrower-protection laws in the country last year. Yet the housing market is further than ever from recovery, local real estate agents say, with a lack of inventory feeding a “mini-bubble” in prices that few believe is sustainable.

The bulls, realtors and those who recently bought homes, assure us the recovery is solid, but the shadow inventory bulls want to ignore foretells another story. The dramatic spikes some markets like Phoenix have witnessed can only be sustained if shadow inventories never come to the market. Perhaps these future sales can be metered out at a rate which doesn’t push prices below previous lows, but perhaps not. Either way, it’s unlikely current gains will be sustained and rapid appreciation is forthcoming.

http://ochousingnews.com/news/foreclosure-prevention-laws-extend-the-slump-experts-agree

 
At 7/04/2012 10:31 AM, Blogger VangelV said...

MP: With both home sales and median home prices increasing in Las Vegas year-over-year, and with foreclosures at close to a five-year low and sales for the month of May at a six-year high, I think it's safe to say that the Las Vegas real estate market is past the cyclical bottom, and on the way back up.

The Vegas market is dead and will remain dead for some time until the general economy gets much stronger. As more and more states legalize gambling and as more Asians stay closer to home the boom times for Vegas are history.

 

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