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Las Vegas real estate market update and resale home sales for September, 2008.  Falling home prices and a big drop in sales shows a continued weakening of the residential real estate market.

New homes sold in Las Vegas, Nevada for the third quarter was 2,545 units.  Year to date showed a decrease of 50 percent or 2,546 new homes.  The strongest quarter with 11,198 sales was registered in the fourth quarter of 2005.

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Concordia Homes of Nevada closes sales offices and refunds deposits on new Las Vegas homes not started with construction.  This development was announced this week.

The home builder from Henderson, NV isn’t closing its doors due to bankruptcy or shutting down business but rather the current credit market and market demand.

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Credit for housing mortgages now takes longer for luxury condo buyers in Las Vegas real estate.  Condo hotel units are currently appraised at a significant discount from the contracted price several years ago.  Some units are valued 30 percent less and the mortgage lender is lending on the current appraisal.  Most Las Vegas condos on the Strip had a deposit from 20 to 30 percent down.

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Las Vegas Nevada Real Estate

Luxury Real Estate Home Sales For Sept 30 - Oct 6 2008

$1.2 million, Southern Highlands Las Vegas, 3,220 square feet, 2 bedrooms, 3.5 baths, courtyard entry, professionally decorated and former model home, second-floor game room, golf and Strip views.

$1.08 million, Southern Highlands Real Estate, 3,936 square feet, 3 bedrooms, 3.5 baths, golf course home with view of 5th green, exterior stone, crown molding, custom wood entry, luxurious pool and spa.

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