Las Vegas builders try to stimulate home sales with discounts
1,399 new home sales - that’s the lowest total since January 2000. September numbers are in and they aren’t promising.
The Review Journal reported today that existing home sales are down 50 percent, while new home sales were down 52 percent. Median prices have dropped 8.9 percent to $263,075 and 3.3 percent to $312,639 respectively.
Although none of this is really anything new, it looks like the sales and discounts being offered by builders are beginning to stimulate sales a bit.
Dropping prices for some its homes as much as 27 percent, Astoria Homes managed to sell 30 new homes between Oct. 12 and 14. Other builders, such as KB Home and Meritage, have dropped prices as well.
Finding that magic price may help sell homes, but according to the article the market may still have yet to bottom out.
In the meantime, Shadow Hills Baptist Church recently did what it could on Sunday night by providing free hamburgers for struggling real estate agents, brokers, construction workers and other people hurt by the housing market.
Read the full RJ article here.
