BluefoxToday blog : LV resales a bright spot in February housing update

Despite the traditionally slow stretch of the real estate season Southern Nevada existing homes sales showed the same workmanlike consistency they have been doing for months. Namely that the statistics are way better from the same month one year ago, as was reported by GLVAR, or the Greater Las Vegas Association of Realtors.

2,288 homes were sold last month, which adds up to a 108% leap from February of 2008. And to stay on the positive track, it amounts to a 2.9% increase from January. These are the types of numbers that eventually will lift the housing market here in Las Vegas up from the dark place. Specifically, when the month-to-month improvement turns into a more or less permanent trend, then there is a good reason to say "I'm a believer."

The other upbeat development comes from the inventory sector. It slipped to 22,142, down 1.6% from January. If it can tiptoe along this downward slope, although not breath-taking by any means, that would start altering the supply-demand dynamic in the right direction.

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