Friday August 25, 2006

'The clearest signs of cooling' for Las Vegas housing

thehousingbubbleblog.com -> reviewjournal.com :

Las Vegas' housing market picked the hottest month of the year to show its clearest signs of cooling. New home sales in July dropped 41% from the same month a year ago and existing home sales fell 35.1% as the market continues its downward slide after two years of record-breaking sales and price appreciation.

The impact of vertical construction in Las Vegas on housing sales, prices and especially inventory appears to be consistently underestimated, said Steve Bottfeld, real estate consultant with Marketing Solutions. "Almost unnoticed on the canvas of the Las Vegas housing picture are nearly 38,000 high-rise and mid-rise homes in various stages of development," he said.

(2006-08-25 16:54:36 SGT) [Biz] Permalink

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