2671 LV Homes Closed in September - a new high.
Oct 13th, 2008 | By
Grant House) | Category: Las Vegas Real Estate News
Who’s afraid of the big bad bailout? Apparently not buyers in Las Vegas. After the final MLS updates have trickled in, Single Family Home Closings in Las Vegas between 9/1/08 and 9/30/2008 total 2671.
This is the highest number of 2008.
This is the first time more homes closed in September than in August in at least 5 years.
Pending sales today are still above 6000 units, so October closings should be strong.
If Las Vegas closes 2605 units in October, sale numbers will be ahead of 2004 and 2005.
Oh, yes. Anything could happen. Could go up or down. As I see it, prices are driven by supply and demand. Demand we have. If mortgage loans are again made available at reasonable interest rates to the average person and if those people are reasonably confident that they will have jobs, then demand should increase.
If foreclosures are reduced by helping people stay in their homes, then supply will remain steady, more or less. In the short run, the supply of REO properties could drop.
Quiz: What happens to price in these circumstances? Do you remember?
Oh, what interesting times these are.
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