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Real estate developer restarts construction in building new Las Vegas homes for sale.  Several Las Vegas neighborhoods will give buyers the ability to once again pick their options including countertops and kitchen cabinets.

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Las Vegas home sales skyrocket in real estate market for 13 months in a row.  The Greater Las Vegas Association of REALTORS reported prices continued to decline in April and is leading the US in home sales.

Homes listed for sale in the multiple listing service has continued to decline in April to 22,112.  A 3.6 percent fall from a year ago of 24,000 units.  Inventory also declined due to the moratorium the Fed placed on real estate from November 2008 to March 2009.

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Las Vegas master plan is nation’s best selling master plan in the country for 2008.  For the second consecutive year the 3,500 acre Mountain’s Edge master plan in southwest Las Vegas took top honors by Robert Charles Lesser & Co.

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Foreclosures in Las Vegas have affected home sale prices dramatically.  Sale prices have fallen to levels only seen eight years ago due to two thirds of homes due to foreclosures.

Nearly the past 12 months rising home sales due to a multiple listing service median existing home price of $134,900 in March. The median price same month in 2008 has fallen 41.3 percent.

Record closings of totaled 3,626 homes or an increase of 85.6 percent.  The median price of bank owned home closings during March was even lower at $127,000.

Continue reading Foreclosures In Las Vegas Have Affected Home Sale Prices Dramatically