Las Vegas Home Sales increase for November by approximately 50% to 3,952 homes, driven by continued affordability and the investor tax credit. However, we just missed our monthly total of 4,000 Las Vegas Home sales that has held for seven months, but by less than 1%, which is not statistically meaningful.
We think the Las Vegas Home Sales increase that occurred last month underscores some of the healthy fundamentals that are driving Las Vegas Real Estate. Quite the contrary to national media, we aren’t experiencing a replay of Cormac McCarthy’s The Road, which is showing in movie theaters around the country. 
Median Price for Las Vegas Home
The median price for a Las Vegas Home is down 27.5% from November of 2008 but we did see a slight increase of $2,000. which is not a significant number by any means. But, a positive growth number is a good thing, especially after all of the negative news we’ve heard about Las Vegas Homes for much of the last 18 month from mainstream media!
Banks Holding in Place with Foreclosures
We don’t anticipate a tidal wave of Las Vegas Foreclosures as predicted by some analysts and mainstream media. It is not in the best interest of banks to release a huge number of foreclosures into the market. The number that validates this perspective is reflected via our supply of homes, which is holding at about 2.5 months and just over 10,000 units.
This is just about 50% of what we had in inventory a year ago at this time, which is also a positive sign for a continued Las Vegas Home Sales Increase. Also, Novembers 1,477 Las Vegas Foreclosures reflects approximately a 27% decrease from a year ago at this time, which is the fifth month of the year with diminishing year to date numbers.
