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Saturday, January 17th, 2004reviewjournal.com — Business: LV new-home sales hit record in ‘03: “Las Vegas continues to be the hottest housing market in the nation, setting records in almost every category last year, a local researcher said.
Dennis Smith, president of Home Builders Research, counted 2,831 new home sales in December, bringing the total for the year to 25,230 and smashing the previous record of 22,940 set in 2001.
It was a 12.1 percent increase from 22,502 new home sales in 2002.
‘I’m always auditing the numbers,’ he said. ‘It could change by maybe 10, not much. When I segment (sales) by price range, floor sizes, subdivisions, they all have to add up.’
Smith said 2003 was ‘a year that took our market to a new level of demand’ and could be the benchmark for a number of years to come if mortgage rates rise later this year, resulting in softening consumer demand.
‘If the rates remain close to their present level, we could see another record year in 2004,’ he said.
The resale market better, jumping nearly 30 percent in sales from a year ago to 49,792, including 4,894 transactions in December.
The existing home segment increased its market share to 66.4 percent of all sales, moving it closer to the market share in more ‘mature’ U.S. metropolitan areas, Smith said.
‘It is the most active ”
For more information, contact MillionSaverHomes.com who is local Las Vegas real estate broker at 702.212.3513.
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