Las Vegas real estate numbers show small improvements in September

Southern Nevada - accommodating communities like Anthem, Summerlin, Henderson, Mountains Edge, North Las Vegas, Southern Highlands and Pahrump - resale housing segment took a cautious step forward in September, after going the other way in August. A curious trend might be developing, actually so predicted by some industry experts, where the real estate market will find the bottom and then will bounce along there for some time. Despite very attractive mortgage money and truly appealing home prices that may be all it can do for now, as the economy remains weak and unemployment is pushing deeper into in double digits.

For September there were 3,358 single-family residences sold, so reported by GLVAR, the Greater Las Vegas Association of Realtors. That amounts to a nice 4% improvement from August and a solid 20.7% jump from the same month last year. The buyer base is rather narrow, though. It's dominated pretty much by the first-time homeowner and the investor, both of whom aim at the lower end of the price scale.

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Vegas mortgage providers to scrutinize CityCenter price rollbacks

The housing market blowup hasn't spared any sectors from its destructive fury here in Las Vegas valley - including Henderson, Anthem, Mountains Edge, Pahrump, Southern Highlands, Summerlin and North Las Vegas. Condos have been spanked as harshly as the single-family houses. Upscale high-rise condominiums on the colorful Strip and elsewhere in the vast valley, thought by some to be above the mess, have absorbed the same unhealthy whipping. No development could hide from it.

CityCenter being built by MGM Mirage, the $8.5 billion luxury mission, also has a large condo component in it, beside the usual elegant casino, convention, hotel and retail offerings. It'll have about 2,400 units in all split between the Vdara, Veer Towers and The Residences at Mandarin Oriental. CityCenter itself will commence opening in stages in December and the condominiums are set to begin closing sales in January.

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Southern Nevada claims top spot in an upbeat housing report

Las Vegas valley - including Summerlin, Henderson, Green Valley, Southern Highlands, Mountains Edge, Anthem and North Las Vegas - has distinguished the pages of many publications in recent years regarding the unbelievable real estate blowup and subsequent mortgage foreclosure tailspin here. It often managed to top many of the national stats that measured how badly these negative housing market conditions have affected the valley. That has not been enjoyable reading for the locals. Going from a favorite boom town to a bust town so quickly can be quite deflating.

Southern Nevada housing news have got cautiously better, though, in recent months. And another good piece was just published in Forbes magazine. Altos Research supplied Forbes the data that it used to study 20 large real estate markets in a somewhat unusual way. It measured the changes in price cutbacks in homes listed for sale. In other words, if a given market sees a growing number of price reductions, then that area is still getting worse. And vice versa. A refreshing method, no question.

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