If anything, the Southern Nevada real estate market is staying on the same path from last month. It's on a slow and steady downward slide. Hopefully not too much longer, though.
Home Builders Research reports for July that sales at the resale sector declined over 40% from a year ago and for new homes the figure is almost the same. As you can see, the distress is pretty evenly divided. From June to July the drop was much gentler, an encouraging sign. The news are somewhat better on the price side. Existing home values gave up only 4.3% from last year to $276,500, while new homes held the slide to 2.6%, down to $327,790.
How far does the real estate market have to go before the recovery starts? To read the full article, please click on the link in this paragraph.
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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
Vegas had a good run along with most areas in Arizona till last year. It's hard to belief sales are down 40%!!! The Austin, Texas market has also slowed. Listings are up a whopping 17% from a year ago!
However, home prices are up about 9% in the Austin-area. Homes in Central Austin are still seeing multiple offers while new cookie-cutter track homes on the outskirts of town are lagging behind.
John,
Vegas employment growth is still solid, except in home building.
Renee,
Yes, June to July sales drop is in single digits. That's encouraging.
Ronnie,
That large drop is year to year. Month to month looks much better, so things are settling down.