Home Prices Drop
Statistics released by the Greater Las Vegas Association of Realtors (GLVAR) indicates that home prices in the Las Vegas area are dropping. The median price of homes sold on the Multiple Listing Service dropped 1.3% in January. That is a total decline of 4.4% since June 2006 when sales were at an all time high. Then, the median home price was $315,000. Now, it is around $302,000 and could fall below $300,000 — the first time in two years.
Many national analysts have predicted that Las Vegas would see a drop in housing values. However, they can not agree on how much a drop that could be. Some estimates have placed it as high as 30%. Others such as BusinessWeek and Fortune have forecasted 9.9% and 6.6% drops respectively. A few like GLVAR’s President Devin Reiss hold to the position that home prices will not drop significantly.
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