Las Vegas resales increase while prices decrease in September

Existing single-family houses continued selling well in Southern Nevada in September, as was reported by the Greater Las Vegas Association of Realtors, or GLVAR, that used the MLS for its statistics. All in all 2,783 single-family homes were closed, a nice upsurge from 2,545 done in August and a considerable improvement from a year ago when only 990 homes were sold. Sales numbers have steadily moved up all year, a hopeful sign of better days ahead.

The main reason to the accelerating sales is declining price levels that in turn are largely influenced by the record number of foreclosures. Median values have retreated by some 31% from last year this time which is a large swing. If that's what it takes, however, to get the housing market in Las Vegas back on track, then so be it. Market forces are powerful and will eventually bring much-needed balance to the local real estate environment. The median existing single-family house price slipped below $200,000 for the first time, a psychological yardstick that many thought would never be broken going down. It now reads $195,000 and could continue still lower in the coming months.

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