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Las Vegas existing home prices rise in September
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LAS VEGAS REVIEW-JOURNAL
The Las Vegas housing market showed improvement in almost every category in September, including a $3,500 increase in the median existing home price from the previous month, Las Vegas-based SalesTraq reported today.
The median price has bounced between $120,000 and $125,000 over the last six months, rising to $123,500 in September. It’s still down 33.7 percent from the same month a year ago.
Existing home sales rose to 4,311 in September, the sixth consecutive month above 4,000 and a 32.5 percent increase from a year ago. “I’ve always said that at some time we’d look back over our shoulder and see that the bottom hit in the second quarter,” SalesTraq president Larry Murphy said.
New home sales, which have plummeted in the past year, increased to 459 in September from 429 the previous month. They’re down 51.2 percent from a year ago. The median new home price is $210,877, a slight dip from $211,350 in August. New home permits dropped to 407 in September, down 20 permits from the previous month and a 7 percent decrease from a year ago.
Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491."
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Unfortunately according to a report just released by Veros Real Estate Solutions home prices in Las Vegas are projected to fall another 11 percent in the next 12 months..I included the data in a post I did at:
Unofortunately according to a report just released by Veros Real Estate Solutions, home prices in Reno are projected to decline another 12 percent iin the next 12 months... Reno was actually at the top of the list for metro areas that would see the biggest declines in the next year...I inluded this info in a post I did at:
http://realestateconsumernews.com/real-estate-market/where-are-the-strongest-and-weakest-real-estate-markets-going-to-be-in-the-next-year/
Yeah, so anyway, nobody living or working in Las Vegas can afford to buy a home right now, so I have to wonder who's buying up all the bottom dollar homes for cash money here in the valley.
Maybe that's a story for RJ, or would that be looking a gift horse in the mouth.
According to an online real estate home value assessment group...my home lost $4,500 in value in the last 30 days, alone.
But fear not, Harry Reid is galavanting around Washington D.C. putting a Chicago political machine's agenda ahead of the needs of Nevada.
Considering so many low lifes just walked away from their responsibilities of their mortgages and lied through their teeth to get one in the first place, I'm surprised prices only fell by a third.
If everyone had a "honk if I'm paying your mortgage" bumper sticker, LV would sound like downtown Manhattan.
It's over! Hooray! I'm going to take a second out on my house that I purchased for $135,000 for approximately $145,000. I always wanted a Yamaha Rhino...
Re-elect Harry and we will all be safe - just ask him!
I always looked over these articles Larry Murphy comments on and thought he either doesn't have a clue or he's in the bag with the banks? This confirms it.
Oh is there a hugh shadow inventory of homes? Homes still in foreclosure that are not in the numbers? Homes yet to be foreclosed on? OVer all poor employment that will add to the home sales demand for years? I'm just saying