While we saw an upward tick in Las Vegas New Construction units sold in October, we have a slight downward number
of units sold in November. There is barely any standing inventory to close. Building permits are up 99.8%. This is good news because most major builders in town are pulling permits only when they have a contract from a buyer.
With that being told, I am expecting units sold to rise from late winter to spring & summer. While the resale market still remains pitiful, new construction is moving along. REO (foreclosed homes) prices are inching downward to compete with this market.
Las Vegas New Construction Units Sold:
- November 2007: 2643
- October 2007: 2752
- November 2006: 3006
Renee, this is very interesting. Would you say that the corner has been turned?
Bill Roberts
BTW your widgets play hell with my computer.