Resales pass 2,600 units for first month since March '07; new-home sales stall
Great news! The number of existing homes sold locally in May surged to its best showing in 14 months even as sales of new homes lagged, according to two new housing reports released this week.
Statistics from local research firms Home Builders Research and SalesTraq revealed a 5.2 percent jump in resales in May, with buyers snapping up 2,606 units. Buyers bought 2,477 existing homes in the same month a year ago.
"May data for the Las Vegas housing market suggests that recovery has begun for the resale market," SalesTraq President Larry Murphy said.
The last time resale closings surpassed 2,600 homes in a single month was March 2007. Closings on existing properties spent fall and winter mired at around 1,500 units a month.
Analysts said May's results don't herald a permanent end to declines in local home prices and sales.
Rising oil prices and a deteriorating job market could complicate chances for a widespread housing recovery, Murphy said. What's more, though banks sold about 1,300 foreclosures in May, they took possession of another 2,500 or so foreclosed homes in the same month. Until that statistic reverses itself, and banks are disposing of more homes than they're taking over, prices could continue to slump.
Good post..you and I think alot..check out my blog..I did mine about 10 minutes before yours..but this is great news for us here in Las Vegas!!
Steve - Do you think the fact that resales are now doing better than new homes has something to do with fewer new homes being built, fewer incentives being offered on those homes, or a correction in resale pricing?
Steve, I like your siren! Where'd you find that?
Thanks,
Yvette
Steve, that is great news! Hopefully that will continue in your market!
Penny: l feel it is investors! investors cannot buy in too many new home communities in las vegas, with out it being a 2nd home, then they have to hold on to the property for over a year and cannot rent the property out.
tony & darcy- thanks for coming by...
updated
Steve, I love love love the siren!!
April: I was going to put a siren sound but knew it would upset TOO many people. lots of people on pins and needles around here as it is already. thanks for stopping by!
Steve,
Too bad for the pins and needles! I have been a bit annoyed of late and haven't been blogging here..... I miss quite a few people though... I just wish it wasn't like a 7th grade playground. Just my opinion. :)
Incredible news and I am featuring this one in LV Area RE Pros!
Thanks Rene! I hope this is not a false-positive as many analyst are predicting