Vegas Housing: Not Too Hot Anymore...

Vegas housing: not too hot anymore, from the USA TODAY, reports that a record 20,515 homes and condos are on the market in Las Vegas, up from 10,555 last May and 4,553 in 2004. Sellers are lowering prices as a result of the slowdown. Builders in Las Vegas are also dropping prices to move unsold inventory. Sound familiar? But as in Phoenix, builders are convinced that the dynamics of Las Vegas will help the market stabilize. Every month, 4,000 to 6,000 people move to Las Vegas. The city's fast growth is what helped spur the construction boom in the first place. As the population grew, real estate prices skyrocketed 45% between 2004 and 2005. Two years ago, new housing developments sold out six months in advance. Now, signs are up around town for those who need to sell their homes in a hurry to avoid foreclosure. The article states that Las Vegas, like Phoenix, Miami, San Diego and Washington, have become much friendlier to buyers as the housing supply increases and appreciation levels off to a rate that is at least a little closer to the national average.



http://www.usatoday.com/money/economy/housing/2006-06-04-las-vegas-housing_x.htm