Salestraq's Larry Murphy says that Las Vegas is not experiencing a housing sales bust. That home prices are actually increasing and not decreasing as most people think. In fact, Murphy thinks that there may be a shortage of homes by next year!
Murphy's statistics show that the median new home price rose 7.7% in the third quarter over the same time last year.
Resale homes showed a slight increase of 0.4% over the same time last year.
MLS listings were close to 21,000, nearly the highest ever. However, Murphy feels that in a city with 1.8 million people, 20,000 listings may be the "norm" for the future. "We have to change our thinking on what's normal".
Employment figures remain strong, the influx of new residents is constant, demand for homes will be good. As the supply of resales is absorbed and new home builders cut their production. we may have a shortage of homes by the third quarter of '07, according to Murphy.
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