Las Vegas Housing Sales Increased by 33% in March

According to recent statistics provided by The Greater Las Vegas Association of Realtors, housing sales in March increased by 33 percent. They attribute this increase to the home buyer tax credit that was set to expire at the end of the month according to the Las Vegas Review Journal. A fascinating comparison of various local news outlets demonstrates the variability in the local market.

Here’s another example of a local news outlet trying to put a good spin on a disastrous situation. The median price for a single family home rests at $136,000, a far cry from the massive, smothering debt a vast majority of Las Vegans are struggling with month to month.

We also see how the market is mixed, realtors are seeing a dramatic spike in short sales, or homes sold for less than the mortgage owed. Short sales now comprise about 25 percent of Las Vegas home sales, compared with 8 percent a year ago, Robin Camacho of Realty One Group said.

Published by Stout Law Firm

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