Las Vegas Real Estate Market Update & Resale Home Sales For Nov 2008

ForeclosuresLas Vegas real estate market update & resale home sales for November 2008.  There were more than 60 percent of homes listed in the multiple listing service as bank owned resale properties.  With 2008 being one of the worst home sales years it will take a while for the market to rebound.

Nationwide news chronicle reports mortgage rates keep dipping.  Many home owners took advantage of the almost 5 percent rate recently and are seeking a home refinance.  Will this be a push the market needs for an economic stimulus?  Or is the worsening economy negated by the benefits of the rates in the very heavy foreclosure glut of Las Vegas Nevada real estate?

Year to date Las Vegas new home sales listed in the mls were 9,076 units or down to 49.1 percent.  November had 622 new home sales or a decline of 58 percent from Nov. 2007.

Las Vegas new home median price fell again to $243,000.  This is a decline of 10.8 percent.

Resale homes for sale in Las Vegas, NV median price dipped to $170,500 in Nov., lowest pricing for over five years of data.  We haven’t seen the same median price for a home at $198,000 in almost four years.  The high level of reo home resales dropped the median sale price to $160,000.

The valley has witnessed almost half of existing home sales as foreclosures.  Buyers are finding that it’s time to purchase their residential real estate and the lowered inventory could soon level off.

Both national and local home builders have slowed production intentionally, loans are more difficult to qualify for or the developer’s bankruptcy.  Local developers are offering homes close to or below their cost.  Many advertisements are showing their price at $89 - $99 per square foot.

The National Association of REALTORS wants an economic stimulus package for all homebuyer of $7,500 tax credit of up to $50 billion.  Lowered mortgage rates and tax credits could be what the Las Vegas real estate market to rebound.

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Las Vegas real estate market update and resale home sales for November 2008.

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