The Greater Las Vegas Association of Realtors reported Monday that home sales increased by nearly 12 percent in February, marking a two-month streak in sales growth.But dig deeper, and you’ll find what is likely driving the sales growth: continued fire sale prices. The medium home price fell again in February, albeit slightly (1.4 percent), driven by a large number of short-sales and banks frantically dropping prices on foreclosed homes.The price drop was steeper for condos and townhomes, with the median sales price slipping 7.4%, from $162,000 in January to $150,00 in February.The number of listings is headed the wrong direction as well, as the number of the homes on the market jumped 1.7 percent from January to February to 22,497 homes - a 14.6 percent increase from February of 2007.So, considering that number of homes on the market and median prices continue to head the wrong direction, it may still be too early to call a bottom on the housing market.

This entry was posted on Tuesday, March 11th, 2008 at 4:21 pm and is filed under Economy, Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.