of units sold in December. There is barely any standing inventory to close. Building permits are up a whopping 114%. 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 (bank owned, forclosed property) sector is beginning to see movement and absorption.
Las Vegas New Construction Units Sold:
- December 2007: 2261
- November 2007: 2643
- October 2007: 2752
- November 2006: 3006
- December 2006: 3203
I remain optimistic in this sector with building permits being pulled so high.
