After years of instability in the wake of the housing market collapse, the Las Vegas
real estate industry could finally be seeing things turn around.
According to a report from DataQuick, there were a greater number of homes sold in
Las Vegas in February on both an annual and month-over-month basis. A report
indicated that there were 4,240 transactions of both single-family homes and
condominiums. This is a 5 percent increase from the previous month, and an 8.9
percent rise from a year earlier.
The Las Vegas marketplace has been flooded with foreclosures and distressed
properties during recent years. As a result, a majority of home sale
transactions are occurring in the low-end of the market.
The report noted that the sales rate of homes less than $100,000 surged 18.9
percent in February on an annual basis and accounted for 42.8 percent of all
transactions. In contrast, the rate of home
sales for more than $300,000 edged just 1.1 percent higher.
Housing instability in Las Vegas could be seen as negative by a number of people,
especially current homeowners. However, falling home prices has made the
prospect of purchasing a home for sale in Las Vegas much more affordable for