Las Vegas new home prices drop more

Southern Nevada resale housing market - covering subdivisions in Summerlin, Henderson, Southern Highlands, Anthem, Silverstone Ranch, Rhodes Ranch and Green Valley - has proved in the past several months that it does have a pulse. Motivated by affordable mortgage money, shamelessly low prices and eye-catching tax incentives people - mostly first-time buyers and real estate investors that is - have waltzed into the market to stir the pot. Homes are moving rather well specifically in the lower end of it, pricewise from roughly the $200,000 mark on down.

Las Vegas new home segment, however, has been nonchalantly elbowed to the sideline during this otherwise nascent trend up. It really hasn't had much of a chance to do anything but observe and fume about its bad fortune. The simple reason is that it's not price competitive at all. Let's look at some numbers while we are at it.

New homes in November were $73,000 more expensive than existing ones, so reported SalesTraq, a Las Vegas research boutique. It's easy to see what type of a home currently dominates the sales data. Actually, this spread was a jaw-dropping $91,000 in August. It's now narrowing and obviously will give the segment a little better chance to compete.

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