Sales of Las Vegas Homes Drop, But Still Higher than Last Years

The city of Las Vegas has received another
reduction in housing prices but there’s still hope. According to the
Greater Association of Las Vegas Valley, the median price of a single family
home dropped 2.5% between July and August. Sales were down by 13%. But if you
compare that figures to last year’s sales data you can still see a 27% increase
in sales of Las Vegas homes.

Strange though as it may seem, the prices
of Las Vegas homes
are falling and
there are so many people out there that are ready to buy but can’t get a home.

According to Paul Bell, Vice President of
GLVAR, there are a huge number of cash sales, a large number of retirees are
beginning to move in here, and there is also a good number of cash investors.
The cash sales of rundown properties are mostly responsible for bringing down the average sales price
throughout the Valley. The investors are buying the cheap properties from the
previous owners, which is what has driven median home prices to around $135,000.

On the plus side, the investors have done a
good job restoring these homes.
Bell said that home values will rise again soon. He also said that 6,000 more Las Vegas foreclosures may soon be for sale. He suggested that those who want to
buy homes must be patient and make sure to pay attention to everything that their agents and brokers say.

At least 70% of homes sold in August were
owned by the bank. According to experts, if that trend continues, home prices
will rebound within 1 or 2 years.