Las Vegas Home Prices Plateau as Sales Increase; Short Sales Up

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The Real Estate Marketing Insider announces its observations on news that home prices in the Greater Las Vegas area are beginning to level, as home sales, including short sales, continue to increase.

The Real Estate Marketing Insider,, released comments surrounding news that Las Vegas home sales were continuing to increase as home prices, which usually drop going into winter, were leveling off. REMI believes that this is good news for home buyers and sellers in the Greater Las Vegas area, and that this news is a good sign for the area, which typically has difficulty cultivating an attractive real estate market.

The Greater Las Vegas Association of Realtors broke the news, releasing statistics that show home prices in the area. The statistics show Las Vegas home prices at the same level as September’s prices, with a median of $140,000; this plateau comes after eight straight months of rising prices and shows a year-over-year increase of 15.7 percent. Meanwhile, home sales are increasing in the area; in October, Las Vegas saw 3,651 sales of homes, condominiums and townhomes, an increase from September of nearly 12 percent from September.

The news about stable home prices is especially welcome. Usually, according to real estate experts in Las Vegas, home prices drop heading into the colder months. Stable home prices heading into November and December, said one realtor, could be taken as an indicator that the housing market in Las Vegas is continuing its recovery from the effects of the 2008 market crash.

In its report, GLVAR also showed that, like many other markets in the United States, Las Vegas is seeing fewer foreclosures, with most delinquent borrowers electing for short sale. Lately, Las Vegas short sales have been flirting with record levels, and have nearly doubled this year. Part of the influx of short sales comes from increased market confidence and greater willingness on the part of banks to agree to them. However, experts also make mention of the imminent expiration of the Mortgage Forgiveness Debt Relief Act. Among the effects of the MFDRA are tax immunity for any money a bank writes off in a short sale, making the option much more attractive for distressed borrowers; this provision, along with other borrower benefits, will expire on December 31 unless Congress acts to extend it.

The Real Estate Marketing Insider issued a statement about reports from Las Vegas realtors that sales numbers are increasing as price levels stabilize, great news for the market and the economy. Short sales are also increasing, even as foreclosures decrease; this is most likely due to a combination of factors, including the potential expiration of the Mortgage Forgiveness Debt Relief Act.

The Real Estate Marketing Insider is an online journal providing real estate professionals with breaking news, marketing tips, and trend analysis. REMI is based in La Jolla, CA.

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