The Las Vegas housing market appears to be stabilizing. Existing home sales are down a little, but this is due to the lack of inventory. Prices on these sales have increased, with the median sales price $130,000. Last year it was $110,000. It is important to remember, though, that our houses have been under priced for some time; the contraction of inventory has allowed prices to approach an amount closer to their true value.
The Las Vegas Review Journal quotes CoreLogic reporting that 63 percent of homeowners in Las Vegas owe more on their mortgage than the market value of their houses, which is reported to be three times the national average. What this means for the future is unclear, as people try to decide whether or not to say in their houses.
The news for new home builders is very good. For more information on the improvement in this part of the housing market, take a look at the November 22 article in the Review Journal.