Primary marketHot Market: Las Vegas Sales Heating Up Ahead of Prices
Sales ended up 38 percent in 2008 over 2007 in Las Vegas, and residents are hoping for a recovery of pricing in 2010. The Las Vegas Sun, interviewed the National Association of Realtors’ Chief Economist Lawrence Yun, who says the sales volume will most likely turn flat prices upward.
"The steep drop in home prices and newly approved $8,000 tax credit for first-time homebuyers will help pave the way for a recovery of the Las Vegas housing market in 2010," according to the chief economist with the National Association of Realtors.
"You have gone through some very tough times, but any further decline, if any, would be minimal," Yun told the Sun, noting that median prices have been nearly sliced in half from two years ago, to an average price of $150,000 in January. "Given $150,000 is very affordable for such a dynamic metropolitan region, once the economy recovers, you are in good shape. But it is just getting over the short term."
The paper reported Yun as saying prices in Sin City should stabilize by the second half of 2009 and that prices could actually appreciate above 2008 levels by the fourth quarter. Pricing, of course, has been the pushing point on sales.
The average sales price in Las Vegas has tumbled 33 percent from December 2007 to December 2008, according to Standard & Poor"s/Case-Shiller. The Sun reports "the price drop accelerated in December, dropping 5 percent from November 2008. The S&P/Case-Shiller index shows home prices have fallen 44 percent in Las Vegas from their peak in August 2006."