Las Vegas’ housing market continues to suffer from the one-two punch of lower sales and reduced resale prices.
The group Home Builders Research says fewer new and resale homes were sold in October, while the median price for an existing home dropped last month to 119-thousand dollars. That’s the lowest since 1996. Home Builders Research president Dennis Smith says some of the decline is due to what he calls the seasonal “holiday funk,” and he believes some buyers are waiting to see if prices fall even further due to the rising number of foreclosed and “short sale” homes on the market. Smith also believes the valley’s high unemployment rate and lack of financing from banks are holding back home sales.
KXNT Morning News spoke to Dennis Smith from Home Builders Research to learn more.