April posts new recent lows for Las Vegas home prices across the valley. O
ne standout is the 2500 square foot median price point. It posted a slight gain from the month before. Overall, the market continues to heat up. Pending sales (under contract) number nearly 6000. This is higher than in any point in 2007 and the last half of 2006. More than 2000 homes closed in the MLS in April – again more in one month than in any month in the last sixteen. Still Las Vegas real estate median prices are losing ground. Why? There is much institutional seller competition in the market place. REO and shortsale listings account for half the market and almost 80% of the closings. The market needs to absorb these before prices head north again.
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