Market Conditions
Las Vegas Home Prices Drop 2% for Dec. '06
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Las Vegas median home prices dropped to $306,100 for December, down 2% from the same time last year.

The number of listings of homes for sale dropped to 17,834 down from 19,729 in November and down from a record high 23,474 in October.

Devin Reiss, new president of the Realtors association says he expects to see a continued reduction in housing inventory without a significant drop in home values.

National studies continue to predict double-digit declines, Reiss said there is nothing that suggest prices will drop significantly in Southern Nevada.

"Many have said that 2006 was a bad year for the Las Vegas housing market, yet this was a year that saw very little change in the median housing prices" Reiss said.  "While we do not discount the national studies that have come out, we recognize that the studies do not take into account local economic conditions, such as lack of private land for development and the continured job and populations growth that make Southern Nevada different from other parts of the country".