Friday, March 23, 2007

Las Vegas real estate getting pricier.

The stats are in for February. They're mixed, just like in the past several months. The median price of a new home rises 2.3% to $315,965. The numbers for an existing house are similar, up 2.4% to $289,000. The seller is reluctant to drop the price even when it means a longer wait to achieve a sale.

On the other hand, new home sales are way down from the same month a year ago. And the story mirrors that on the resale side, sales are down 27% from last year. The market remains soft. MLS shows over 21,000 listings in February, close to a 50% climb from 12 months ago. For those thinking about buying, you're calling the shots.

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