housing statistics

Home sales plummet in 2007

home sales 2007

Overall, 2007 had the lowest home sales in Las Vegas since 1997. According to the RJ, a total of 43,255 homes were sold last year. At the end of the year, the median new home price dropped 20.1% to $273,359 from December of 2006, according to SalesTraq. Existing home median prices fell as well to $253,000 a 11.2% drop.

Will prices continue to drop? In some areas, prices haven't dipped that much at all over the course of last year. Location and amenities had a lot to do with homes retaining their value, although new communities are still seeing some increased incentives to buy----some with pricing reductions, others will free extras.

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