Categorized | Residential

Home Sales Increase in Las Vegas

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The city of Las Vegas continues to enjoy a strong increase in the volume of home sales. Although prices of residential real estate properties are still down from a year ago, the overall number of sales has seen some impressive increases.

In the month of September, over four thousand and one hundred homes and condominiums were sold in Las Vegas. That number was an increase of more than five hundred than the number sold one year earlier. In fact, the number of condominiums and townhouses sold increased by nearly nine percent from one year ago, and the number of single-family homes increased almost sixteen percent in the same time period.

Investors made up the majority of the buyers in the Las Vegas residential real estate market, as they looked to take advantage of the record low prices in the city. Real estate analysts in the area believe that the historically low mortgage rates also contributed to the increase in sales.

While sales numbers are up, prices still remain deflated in the city of Las Vegas. Prices for single-family homes are down nearly nine percent from last year, and prices for condos are down more than thirteen percent from last year as well.

As the number of sales increases, and the overall inventory continues to dwindle, prices of residential real estate properties should begin to increase soon. Analysts reported that many of the homes listed are receiving offers, and that prices may soon start to increase into next year.

After being considered one of the worst housing markets in the United States, Las Vegas is finally starting to show signs of recovery. Investors are recognizing the overall value of properties in the area, and are taking advantage of the very low prices.

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About Ella Jourgeson

Ella was recently an intern who checked all the articles for grammatical and spelling errors. She is now an all purpose writer filling in wherever we need help.

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