Average new home price: $309,241
SalesTraq reported the median price for new homes in the valley in August was $309,241, 13 percent below its peak in April 2006. The median existing-home price was $270,000 in August, down 6.8 percent from its June 2006 peak.
The prices of new and existing homes have been steadily dropping in Las Vegas since mid-2006 and likely will continue to plummet.
That’s according to several professional traders and national economists monitoring the valley’s real estate market. Futures contracts on the housing market that trade on the Chicago Mercantile Exchange indicate Las Vegas is sliding toward the country’s largest price decline. Some are predicting as much as a 20-percent drop in home prices by 2010.
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Tags: forclosure, homes, Real Estate
Categories: Economy, Real Estate
October 8th, 2007 at 8:46 am
I can not believe that the home prices went up that much, average price for a new home over $300,000 and a used home over $250,000. There may be homes worth that much and more, but the average price? They are way over priced and I would expect the over priceing to correct it self over the next several years and drop at least $100,000 or more. They are priceing them selves out of the market and any body that pays that much for a house and then expects to sell and make money on the deal is realy dreaming, there is a limit to what people can pay and I believe that limit has been reached!