Las Vegas Real Estate Market
According to information that was released last month by the Commerce Department, the housing boom is over.
The data that was released by the Commerce Department provided evidence that claimed the housing boom was over but also that sales of new homes dropped by nearly 5 percent in July.
This drop is the largest drop since February. Looking at the statistics, Las Vegas experts say that the inventory of unsold homes climbed to a record high and sales of previously owned homes fell 4 percent in the same month.
This drops to a 2 ½ year low according to the National Association of Realtors. NAR reported that sales of both new and existing homes set records for the past five consecutive years.
This while the housing industry was enjoying a boom that was fueled by one of the lowest mortgage rates in the past four decades.
However since the Federal Reserve has tightened conditions as a way to slow the economy, rates have been steadily rising through the year.
Many local analysts are expecting home sales to drop by at least 10 percent by the years end.
Across the board Las Vegas homes sales are down according to SalesTraq.
SalesTraq stats show that existing home sales are down by nearly 17 percent through July, while new homes sales have also shown a decrease in numbers.
