The numbers are in for housing sales in Las Vegas for 2007. Sales volume fell 45 percent from 2006 and median home prices declined for the first time since 1993. Existing home sales prices fell 4.3 percent in 2007 to $275,907, based on 24,000 sales. Larry Murphy, of SalesTraq and a leading analyst of the Las Vegas housing market, believes we are very near the bottom of the decline in prices. He predicts the median price could fall to $240,000 before prices begin to rise.
For those who bought in 2002 or before, and did not buy or sell in 2004, 2005 or 2006, will find their equity position to be what it would have been had prices continued to increase at the traditional annual rate of about 6 percent.
There remains a 21 month supply of housing inventory on the market.