Median Home Prices
New reports show that housing prices have flattened out. There has also been a decrease of new home permits. Experts are saying that this is proof of the soft housing market in Las Vegas.
Dennis Smith, Home Builders Research analysts says that the median price of a resale home in September was $285,000.
Looking back to a year ago statistics show that median price of a resale home was the same. According to Smith, “We’ve reached the flat part, and now we’ve got three months to see if it’s going to stay that way or get worse”.
Smith was later quoted as saying that consumers should prepare for some negatives but that the negatives would stay around 4 or 5%. Resale prices will not plummet 20-30% as many analysts have predicted.
