Commerce Department Reports Housing Starts at Six Year Low: Great News for Buyers of Las Vegas Homes!

The Commerce Department reported today that home builders started construction on new houses at a seasonally adjusted, annualized rate of 1.486 million in October, down 14.6% from September and the slowest pace since July 2000. Also, data for September and August were revised downward. Construction of new homes slid to a six-year low in October, a sharper-than-expected drop that prompted some forecasters to revise downward their estimates of nationwide economic growth. How are these nationwide trends playing themselves out in the market for Las Vegas real estate? With 7,885 new residents a month, 5.5 percent job growth and strong tourism numbers, the Las Vegas economy is humming along nicely despite the residential downturn. Our tourism index is up 5.8 percent from a year ago and the passenger count at McCarran International Airport topped 4 million in August, the third time in the last 12 months that we’ve hit that stratospheric level. Here’s the strongest indicator of all that the market for Las Vegas Nevada real estate is well secured for the long run, a further $30 billion of development is slated for the Las Vegas Strip over the next 10 years! Project CityCenter alone accounts for $7 billion of that total. Turning back to the matter of Las Vegas homes for sale, builders are doing what they must to cope with any temporary downturn, namely slashing prices and giving away upgrades! This is a great time to put The Michelle Sterling Team at Prudential Americana to work for you! We’ll bring our knowledge and experience to bear in negotiating a smoking deal for your new Las Vegas home. Builder incentives are popping up all across the Las Vegas valley that can save you thousands! Now is a great time to become a part owner of the next great American metropolis!

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