In Business Las Vegas reports in their June 25 - July 29 issue that resale Las Vegas Home prices are decreasing sharply. Their data stronly suggests that Las Vegas Real Estate is turning into a buyers market:

“The price of resale homes fell sharply in May, but a Las Vegas-based analyst said the price drops are needed to reduce the glut of homes on the market.

Dennis Smith of Las Vegas-based HomeBuilders Research reported that the median price of resale homes in May dropped $7,000 from April or 2.5 percent to $278,000.

That’s $11,000 lower than the price in May 2006, Smith reported.”

You can read the rest of the In Business Las Vegas report here.

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This entry was posted by Josh G. on Thursday, July 5th, 2007 at 9:45 pm and is filed under Inside Las Vegas, Business & The Economy, Las Vegas Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.