The Southern Nevada real estate market continues to struggle. In its latest report the Home Builders Research, a Las Vegas firm, registers 1,724 new-home permits in May, putting the year-to-date total at 7,934 that in turn tells us that there is a 34% decline in the figure from the same time last year. A considerable drop, I must admit. What's surprising is that even though local builders are offering incentives in all shapes and sizes, the sales still remain sluggish.
Industry analysts are now saying that the new-home permits are likely to stay flat for this and most of next year, too. One important reason to that is the high existing home inventory, now over 24,000, and nearing an all-time record set in October of 2006. To read complete article, please click here.