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New-Home Sales Stalled in Las Vegas and Henderson
By Stephen Roberts | December 16, 2009
Even though the Las Vegas and Henderson housing market is showing strong signs of recovery, it’s still hurting in many ways. One of those ways is the new housing market. Sales of existing homes in Las Vegas and Henderson strongly rebounded this year and prices appear to be stabilizing. However, in the new-home category, the performance has not been up to par. There have been a reported 4,069 new-home closings through October. That is down 54 percent from a year ago, compared with an astounding 65 percent increase in existing-home sales. The median price for a new home in October was driven down to $205,000, which is a 16.6 percent decline from a year ago. Existing-home median prices have suffered a steeper decline of 31.7 percent over the course of the year, but the prices look like they are beginning to stabilize.
It has been very tough for builders to be able to beat out competition from bank-owned homes in the Las Vegas and Henderson area. Most of these homes are being sold below the market value for cash-only transactions. It seems as though foreclosures are not going to be dwindling down in the coming year. It is estimated that roughly 50,000 foreclosed homes may hit the market in the coming year, making it even harder for new-home sales to pick up. To learn more about purchasing foreclosed homes visit our website. It is looking like new-home builders will need to continue to postpone their building until the majority of the existing homes here in Las Vegas are occupied. Until then there is no reason to continue building new homes.
For all your real-estate needs contact Steve Roberts at 702-739-4392.
Topics: Henderson Nevada Homes, Holiday Season, Las Vegas Nevada Real Estate, Southern Nevada Monthly Economic Update, Summerlin Nevada Real Estate, foreclosures | No Comments »