The Las Vegas Review Journal reports today in its Business section that home prices increased less in July than they have in the past 20 months. Slow sales and increased inventory may be shifting our sideways market towards buyers. . Nationally, sales are down 5.3 percent from last year. Among the reasons for slower sales are reduced investor purchases and the difficulty buyers are having in qualifying for new loans.
Las Vegas home prices led the nation in annual gains – 12.8 percent. Miami, FL came in second with gains of 11 percent. Inventory of resale homes available has risen 46 percent in Nevada since last year. With median sales prices holding steady at $200,000 for July and August, we’ll be waiting to see what the median sales price was in September to see if there are any changes.
To learn about some alternatives to conventional bank financing, check out our blog entry on how to buy a home when the bank turns you down.