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Builders: Housing Market ‘Stuck In Neutral’

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(Photo by Ethan Miller/Getty Images)

(Photo by Ethan Miller/Getty Images)

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LAS VEGAS (AP) — Builders say southern Nevada’s housing market appears to be “stuck in neutral,” with new home sales down from last year.

Las Vegas-based Home Builders Research say 428 new homes were sold in April, which is down 34 percent from the same time last year.

The statistics, cited by the Las Vegas Sun, found the median price of a new home was about $287,000 in April. That’s up 20 percent from April 2013, but down about 5 percent from January.

New home sales are down 25 percent so far this year, while the number of permits builders are pulling is down 19 percent compare with the same period in 2013.

Home Builders Research President Dennis Smith said in the report that recovery is going much slower than most would hope.

 

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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