Archive for July 12th, 2007

Las Vegas Homes Market – GLVAR Report for 7/11/2007

Thursday, July 12th, 2007

The Greater Las Vegas Association of Realtors (GLVAR) has released market data on the Las Vegas Real Estate market for the week of July 11, 2007.

Single Family Residence (SFR)

Available – 20,308 (Last Week – 20,152)

Under Contract – 2,254 (Last Week – 2,211)

Days of Supply – 270 (Last Week – 273)

Short Sales – 2,045 (Last Week – 1,946)

Condominiums and Town Homes (CONDO/TH)

Available – 5,592 (Last Week – 5.601)

Under Contract – 527 (Last Week – 520)

Days of Supply – 318 (Last Week – 323)

Short Sales – 248 (Last Week – 233)

Combined SFR + CONDO/TH

Available – 25,900 (Last Week – 25,753)

Under Contract – 2,781 (Last Week – 2,731)

Days of Supply – 279 (Last Week – 283)

Short Sales – 2,293 (Last Week – 2,179)

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Home Prices Will Rebound in 2008

Thursday, July 12th, 2007

MSNBC reports today that the National Association of Realtors expects a strong 2008 in the housing market.

“The prices of existing and new homes are expected to bounce back next year after a dreary 2007, a real estate trade group said Wednesday.

The National Association of Realtors also said it expects existing-home sales to rise to nearly 6.4 million in 2008, up from the 2007 estimate of more than 6.1 million. Nearly 6.5 million existing homes were sold in 2006, the association said.

As for new homes, sales are projected at 865,000 in 2007 and 878,000 next year, but the 2008 projection would still be down more than 20 percent compared with the nearly 1.1 million new homes sold in 2006.

More than 1.4 million housing starts, including multifamily units, are forecast this year and in 2008, but that is down from 1.8 million last year.

Existing-home prices are expected to gain 1.8 percent to a median of $222,700 in 2008 after a 1.4 percent decline this year to $218,800, the according said. The median new-home price should rise 2.2 percent to $222,700 next year after a 2.6 percent drop to $240,100 in 2007.

“Markets that sharply reduce new construction in 2007 will generally experience respectable price increases in 2008,” Lawrence Yun, NAR senior economist, said in a release. “Buyers now have an overwhelming advantage given the wide selection of homes available in many markets. But with profit margins coming under pressure, homebuilders will limit new construction well into 2008.” ”

You can read the entire story here.

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