BluefoxToday blog : LV existing home sales stay on an upbeat course in November

LV existing home sales stay on an upbeat course in November

The holiday season is upon us although this year it might be more subdued than in a long while due to the overall weakness in the national economy. The mortgage and housing markets have taken unprecedented punishment in most parts of the country that requires extraordinary efforts and just plain old time to turn around. Las Vegas real estate, for its share, has paid dearly for past excesses but has lately shown some flickers of hope that perhaps a tentative recovery may be forming.

November stats from Greater Las Vegas Association of Realtors, or GLVAR, back up the cautiously upbeat sentiment. There were 2,183 single-family house closings last month that is well over double the number for the same month in 2007. True, it's a small drop from October that really is a normal development as the slower-paced winter season sets in. For several months now resales in Southern Nevada have been significantly better than comparable figures a year ago, an entirely positive sign.

The inventory is down slightly in November from a year ago, to 22,700. It appears to be a major hurdle to bring it down below 22,000 listings, a level that once breached might signify better times ahead. The improved sales are mostly fueled by bargain-priced bank-owned homes but the temporary void is quickly filled with more foreclosures that continue to dog the Las Vegas housing market.

The median home price is still slowly drifting lower, this time settling at $186,000 that is a somber decline of 32% from 2007. Opportunistic foreclosure pricing by lenders puts a lot of downward pressure on it to the detriment of valley homeowners. What obviously is needed to arrest it is to slow down the foreclosures that may be a few months away.

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Provided by: 

Esko Kiuru
Mortgage, real estate and apartment industry analyst 

www.BluefoxToday.com - syndicated mortgage, housing and property management blog

eskokiuru@gmail.com
My cell: 702-499-1006

Comment balloon 6 commentsEsko Kiuru • December 09 2008 04:32PM

Comments

Anything that shows improvement is great news. I am seeing glimmers from pockets of the country. If we can see your area, AZ and So Cal improve, we are well on the way.

Posted by Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant (Guild Mortgage Co - Oak Harbor WA) over 9 years ago

Esko you have to look at it on the brighter side, even though it is not all positive, at least it is not all negative :) :)

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) over 9 years ago

Esko, is Tom Coleman still selling real estate in Las Vegas? Look him up.

Posted by Karen Villa Schweinfurth, ABR, CRS, SRES, CyberStar (RE/MAX Northwest Realtors, Inc. 425-308-3669) over 9 years ago

Fred,

Vegas went down early and may be coming out of the swoon early, too.

Posted by Esko Kiuru over 9 years ago

George,

These increased sales figures ought to pull us out of the gutter soon.

Posted by Esko Kiuru over 9 years ago

Karen,

Don't know where Tom is nowadays.

Posted by Esko Kiuru over 9 years ago

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