Southern Nevada - accommodating communities like Anthem, Summerlin, Henderson, Mountains Edge, North Las Vegas, Southern Highlands and Pahrump - resale housing segment took a cautious step forward in September, after going the other way in August. A curious trend might be developing, actually so predicted by some industry experts, where the real estate market will find the bottom and then will bounce along there for some time. Despite very attractive mortgage money and truly appealing home prices that may be all it can do for now, as the economy remains weak and unemployment is pushing deeper into double digits.
For September there were 3,358 single-family residences sold, so reported by GLVAR, the Greater Las Vegas Association of Realtors. That amounts to a nice 4% improvement from August and a solid 20.7% jump from the same month last year. The buyer base is rather narrow, though. It's dominated pretty much by the first-time homeowner and the investor, both of whom aim at the lower end of the price scale.
Las Vegas single-family inventory dipped by less than 1%, a marginal change. It settled at 20,801 and continues to find the road ahead rocky while seeking to breach through the 20,000 mark.
The median price here in Southern Nevada took a turn up in September, going to $138,000, or 1.8% increase. That's perhaps the best news in the report. After losing ground little by little over the last few months it's now showing some backbone. Maybe, just maybe?
Las Vegas homeowners and real estate observers clearly can do nothing about it if riding along the bumpy bottom is the only choice they have. It, however, always beats sliding south on the slippery slope that has been the norm for too long. The wish on everyone's lips must be that the uncomfortable journey is reasonably short.
Photo by wjklos.