Thursday, January 10, 2008

Homes for sale in Las Vegas still sliding

From the Las Vegas Review Journal:

The number of single-family homes listed for sale in Las Vegas dropped to 22,005 in December from 23,494 in November, the Greater Las Vegas Association of Realtors reported. Inventory is up 23.4 percent from December 2006.

Condo and townhome listings increased 14 percent from a year ago to 5,508 in December.

Foreclosures have driven the single-family home median price down to $260,000, a 15.1 percent decline from a year ago. Median condo prices are down 5.1 percent to $185,000.

December's statistics may not be a true reflection of the marketplace, association President Patty Kelley said Monday. December is traditionally a slow month, she said, and a large number of homes are vacant and owned by investors, banks and other lenders who sold last month at deeply discounted prices.

The association reported 167 condo units sold in December, down 55.1 percent from a year ago.

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