Steve Bottfeld, Marketing Solutions, predicts that the median new home prices will increase 7-9% this year and resale homes will increase 3-7%, most of these increase coming at the end of this year.
Vegas has struggled after a couple of years with 40 and 50% appreciation. The national press has predicted dire sales crashes in Vegas. However the local experts feel differently.
Despite a 24% drop in resales sales volume, median home prices have remained at $284,000. 2006 was still the third best sales year on record. Median new home prices have increased 7.9% in 2006.
Bottfeld said "We're creating this atmosphere of of fear from nonsense, from negative national press. Everybody will say 2006 was a bad year, sales were off, prices went down. Wrong."
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