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From RESysLV.com Market Conditions National housing analysts pounded their chests saying that Las Vegas was going DOWN! Housing prices were going into the dumpster. Vegas prices rose faster (54%) than any other city in the U.S. in 2004 and the prices were going to go down faster than any other city. Vegas was cooked and the prospects for healing were slim and none. However, in the meantime some interesting things are happening in Vegas. + Employment is growing at 5% this year. More jobs means more money in the system. + New home prices rose are up 8.9% or $337,781 this year. + Median resale price of $285,000 is unchanged from last year. Down 7.5% from 2004. True, not all good things are happening in the housing market but the prices are still holding steady. - New home sales are down 8.5% from last year. - Resale home sales are down 28% from last year. - Listings of homes for sale are still high (21,000). Positive guesses for the future should include this fact. There are many new jobs in the city. There are not enough new homes in the pipeline to supply these new residents. Builders have frequested 25% fewer building permits this year. Therefore, there MAY be a shortage of homes by the end of the year.
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