Las Vegas median home price increases; new home sales drop
The Review Journal reported today that while local home sales are still down, condos are pushing the median home price up.
Luxury high-rise condos have raised the median home price up 4 percent to $338,560. Meanwhile, the number of new home sales has dropped to 1,970, a 39.9 percent drop from the same month last year.
The resale segment, which has historically been the better performer, fared little better than new home sales with 2,062 escrow closings.
Several analysts have acknowledged that the situation is still less than ideal, but are confident that market will bounce back.
For more information, read the article here.
