Categorized | Residential

Las Vegas Home Sales Increase in February

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The Las Vegas residential real estate market continues to experience a gradual increase in overall home sales. During the month of February, residential property sales jumped eighteen percent. At the same time, the total housing inventory in the city fell.

 

As the number of available homes in the inventory supply decline, the average sales price for residential real estate in Las Vegas is likely to increase. Inventory in the city fell through much of 2011, particularly after a state law was passed that including more stringent documentation requirements regarding the foreclosure procedure.

 

Las Vegas has had a very strong year thus far with respect to its residential real estate sector. Average prices are reaching their highest point in the last year, and economists believe that they will continue to rise in the near future.

 

The housing inventory supply in Las Vegas fell roughly one and a half percent from one month earlier, and is currently down more than fifteen percent from one year ago. It seems as if more investors are targeting the Las Vegas area, as more homes than ever before are receiving offers to buy.

 

The current trends are very good for the Las Vegas residential real estate market, and the state of Nevada in general. Economists labeled Nevada as one of the worst performing states in the residential real estate market in 2011. However, if the recent trends are any indication, the state will likely shed that label in the very near future. As housing inventory continues to fall, prices will increase even further, which is excellent news for the city and state.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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