Las Vegas Real Estate Blog

Contrary to what the local doom and gloom media reported yesterday, Las Vegas home prices didn’t “plunge” 28.4% in May.  Can someone please help their writers get this right?  On three accounts (that I see…though there are bound to be far more) they blatantly distorted the facts to appear far worse than the numbers truly report.  Local news station KTNV channel 13 reports on their site that “The largest decline was in Las Vegas where home prices in May plunged 28.4%.”  This nonsense was even repeated on their news broadcast.  A sleazy penny stock spammer couldn’t twist a story as much as these bozo’s.  What a joke.  Please help put a stop to this sensationalistic bs.  Here are the real facts, as reported by Case-Schiller for ‘year over year’ analysis.  View the News Misreporting Las Vegas Real Estate Price Changes. or  Watch the video report.  UPDATE: Las Vegas Fox 5 MisReporting of the Las Vegas Real Estate Market.

Housing Price Indices

Housing Price Change "Year over Year"

Our good friend and Title Professional Linzy Turner with Old Republic Title Company provides the latest housing sales reports for Las Vegas single family residences, as well as Condo’s and Townhomes. There are articles throughout the “blogosphere” that have made attempts at interpreting these figures, but we will leave that interpretation up to you. However, I would like to point out that there are severe discrepancies throughout different Clark county zip codes located throughout areas of the valley. Take particular note that some areas of the valley showed an increase in value. The Clark county Single Family Residence report is available for you here as an image. 2 pdf available files for download are the sales and values reports for Condo’s and Townhomes. (Intro. by Admin.)

You may right-click on any of these items and choose “Save target as…” to download directly to your desktop or separate folder.
Clark County May 2008 Single Family Residence Sales Activity

May 2008 Condo Sales Activity.pdf

May 2008 Townhouse Sales Activity.pdf

Qualify more home owners for real estate purchase or refinance in Las Vegas (or around the nation) with this handy FHA qualification tip.
Did you know that FHA will allow a borrower to use projected income for home loan qualifying purposes?
Read the rest of this entry »

Information provided by the GLVAR, MLS.
Look at that, +114 more SFR’s under contract as compared to last week. Way to go!
Keep up the good work and this market will keep on getting better.

Single Family Residence (SFR)
Available – 16,138 (+4 , Last Week 16,134)
Under Contract – 6,022 (+114 , Last Week 5,908)
Days of Supply – 80 (-2 , Last Week 82)
Short Sales – 6,524 (+106 , Last Week 6,418)

Condominiums and Town Homes (CONDO/TH)
Available – 4,535 (+26 , Last Week 4,509)
Under Contract – 801 (+32 , Last Week 769)
Days of Supply – 170 (-6 , Last Week 176)
Short Sales – 1049 (+9 , Last Week 1,040)

Combined SFR + CONDO/TH
Available – 20,673 (+30 , Last Week 20,643)
Under Contract – 6,823 (+146 , Last Week 6,677)
Days of Supply – 91 (-2 , Last Week 93)
Short Sales – 7,573 (+115 , Last Week 7,458)