The existing single-family house sales in Southern Nevada in August were 2,545 which is a slight drop from July at 2,592, reported GLVAR, the Greater Las Vegas Association of Realtors. This number actually breaks a string of increases dating back six or seven consecutive months. When a comparison is made to August of 2007 at a paltry 1,316, it represents, however, a serious leap higher, 93.4% in all that can be called a significant improvement. Resales, although still heavily flavored by foreclosures, do remain healthy and need to stay that way to help this weakened market turn around.
Another positive statistic GLVAR released, and is based on its MLS figures, is the inventory level of single-family houses. It has been edging higher for months and now it finally experienced a much-awaited drop to 22,710, an acceptable 3% decrease from July and down a nice 6.7% from August of last year. It continues to be historically high but at least it's now on a downward slope. The preference throughout Southern Nevada is that it stays on that course for the duration and give the coming recovery some needed punch.
The area that keeps everyone on their toes is the price. The median price decreased again, this time 4.5% from July and a painfully large correction of 30% from last year. It sank to $210,000 in August and if it maintains this pace before the year is over it'll punch below the $200,000 barrier. If that happens the price structure in Las Vegas will be back to roughly were it was in the early years of the decade. Good value? Definitely. Costly to the homeowner? Yes.