- Foreclosure/Short Sale Listings (7/26/2007): Total Listings (7/26/3007) 26,526; Foreclosures Commenced: 1224, 4.6% of all listings; Short Sales: 1903, 7.1% of all listings; Both Foreclosures Commenced AND Short Sales: 385, 1.5% of all listings.
- New Home Sales (June 2007, units sold): 1406 Year Change -56.5% (excl condo conversions, highrises)
- New Home Sales (June 2007, median price): $314,317 Year Change -6.9% (excl condo conversions, highrises)
- Existing Home Sales (June 2007, units sold): 2422 Year Change -43.3%
- Existing Home Sales (June 2007, median price): $278,000 Year Change: -4.1%
- Single Family Residential Permits (June 2007): 1261 Year Change -41.2%
- Rental Rate (MLS Monthly Average May 2007): $2204/month Year Change +$934/month
My analysis: The rental market has been consistenly rising since November 2006.
New Residents/Employment Conditions:
- New Residents (June 2007): 6,517, Year Change -4.4%
- Total Employment (June 2007): 942,000, Year Change +2.1%
- Unemployment Rate (June 2007) 4.7%, Year Change +9.3%
My analysis: We need more jobs to continue strong growth. Our employment rate is up from a year ago but still fairly low.
- McCarran Airport Total Passengers (May 2007): 4,170,268 Year Change +6.8%
- Gaming Revenue (May 2007): $968,441,810, Year Change +.6%
- Visitor Volume (May 2007): 3,770,156, Year Change +0.6%
- Convention Attendance (May 2007): 506,165, Year Change +19.1%
- Hotel/Motel Occupancy (May 2007): 92.1% Year Change -2.2%
My analysis: The gaming/tourism industry is still strong. Convention attendance way up! Visitor volume & gaming revenue are in sync.
Sources: Salestraq, Home Builder's Research, Greater Las Vegas Association of Realtors, Nevada State Gaming Control Board, Nevada Department of Motor Vehicles, McCarran International Airport, Las Vegas Convention & Visitor's Authority, Nevada Department of Employment, Training and Rehabilitation
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Las Vegas, NV 89148