There is some optimism in the dry desert air that the Las Vegas real estate market is hitting bottom. At long last. Perhaps. It's still too early, though, to go into any definitive announcements about that. The patient's vital signs do remain quite mixed, that's why.
In any case, 3,198 single-family homes were closed in April, as was reported by GLVAR, or Greater Las Vegas Association of Realtors. In the year-to-year comparison that adds up to a big leap of over 78% and on a month-to-month basis it translates into a solid 7% gain from March. These numbers warm a lot of hearts in the struggling desert valley. Downright affordable prices are drawing scores of buyers to the housing bazaar here, amply bolstered by still low-flying mortgage interest rates.
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Provided by:
Esko Kiuru
Mortgage and real estate market commentator
www.BluefoxToday.com - syndicated mortgage and real estate blog
eskokiuru@gmail.com
My cell: 702-499-1006
Esko, maybe like the Friday jobs report not being as bad as everyone thought, with the Vegas resales we have hit bottom.
That is great news to hear. I hope it is the beginning of a trend.
Esko, this is a lot better news then your last couple of blogs, hopefully next month these figures will even be higher.
Gary,
Our resales are doing fairly good, we just need to get the inventory down.
Jim,
Eventually these decent resale numbers will start eating up the high inventory we still have.
George,
The Las Vegas market is still volatile, good numbers here, less so in some other category.