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Las Vegas Real Estate

NAR Expects Record Home Sales in 2004

The National Association of Realtors® report Greater than expected sales of existing homes in the first seven months of the year will help set a record for annual existing-home sales in 2004. Existing-home sales are expected to increase about 6.5 percent this year to 6.50 million, while new homes are up 7.1 percent and expected to rise to a record level this year of 1.16 million.

Chief NAR economist David Lereah said a continued decline in mortgage interest rates is creating favorable market conditions at a time when household formation is rising.

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  • Anonymous

    If enough others agree, there will soon be less interest in trading up in the housing market. In fact, investor disenchantment with housing could be the best reason for expecting home prices to decline in overpriced areas.

    That would be unpleasant news for home sellers, but good news for buyers. And what sellers lose when selling one house they often save when buying another. Any risk of loan defaults would be negligible. In Las Vegas where home prices just rose 30 percent, even an unprecedented 25 percent price drop would have no effect on a seller who held a home just one year.

    I would like to see what prices are like once Clark County opens up land to first time homebuyers at cost and the US Gov allows the BLM to release acres and acres of land. In addition many home builders are not allowing investors to buy new homes.

    Can the current prices do anything but drop?