Tuesday, September 29, 2009

Real Estate Recovery: Phoenix, Miami, Las Vegas

PHOENIX -- A total of 8,639 new and resale houses and condos closed escrow in the combined Maricopa-Pinal counties metropolitan area in August, down 15.5% from July but up 20.2% from a year ago. Total home sales have increased on a year-over-year basis for eight consecutive months. Last month’s sales were at the highest level for an August since 2006.

MIAMI -- In August, 7,178 new and resale houses and condos closed escrow in the metro area encompassing Miami-Dade, Palm Beach and Broward counties. That was down a relatively sharp 9.6% from July but still up 27.4% from 5,635 in August 2008. August marked the sixth consecutive month in which the region's sales have risen on a year-over-year basis.

LAS VEGAS -- A total of 4,716 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County) last month (August), down a record 11.2% from July but up 16.5% from a year ago. August marked the 12th consecutive month in which sales have risen on a year-over-year basis.

Source: DQNews


At 9/29/2009 9:01 PM, Anonymous PotatoChef said...

You will soon hear a very loud sound emanating from Las Vegas. Not to worry...It is just the other shoe dropping.

There are fools that think that the real estate market in Las Vegas is making a comeback. As a matter of fact there are actually some bidding wars going on for houses that are on the market.

They have not learned their lesson. Wait 8 months and check out Las Vegas again.

The future is not bright.

At 9/30/2009 10:20 AM, Anonymous Brad S said...

More likely, within 5 years, the median age of a Las Vegas resident is going to be equal to that of the median age of a Phoenix resident now.

The retiring, downsizing, relatively flush with cash Baby Boomers would like to thank the Las Vegas housing industry for taking the hits.

At 9/30/2009 2:20 PM, Anonymous gettingrational said...

The market in these areas is hot for vacant land in these planned communities> also!


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