Dare we say it – Las Vegas Real Estate is Coming Back! We’ve been Blogging and Tweeting about how Las Vegas Real Estate has bottomed out months ago and is in fact bouncing back. It’s great to see that Forbes Magazine has picked Las Vegas Real Estate as the number one city in the US (“top city”) where home prices are at bottom.
Forbes Analysis of Las Vegas Market
Forbes reviewed a total of approximately 20 major housing markets around the USA and indicated the percentage of homes with price reductions has dropped. Forbes pulled data from Altos Research and their analysis indicated that 39% of homes for sale nationwide have had their prices reduced, which is a reduction of 6% from January of 2009.
Forbes also indicated although the numbers are still high in Las Vegas and nationally, the reduction in price cuts indicates buyer demand is on the rise and that it is beginning to align with the excess supply of homes that were generated by the building boom the last 5-10 years.
Aggressive Price Cuts Discontinued
Apparently homeowners who are in sales mode are stopping the practice of aggressive prices cuts, which underscores the overall health of the national real estate market. In a total of 20 major US housing markets, the percentage of homes that have suffered price reductions is dropping.
Homeowners looking to sell are also putting the brakes on the trend of aggressive price cuts, indicating that the National and Las Vegas real estate markets may be closer to salvation than previously thought. In 20 major U.S. housing markets, the percentage of homes that have suffered price reductions is dropping.
We fervently believe Las Vegas Real Estate is Coming Back! Analysts and prognosticators certainly agree with us.
