New home sales spiked dramatically and were up week-over-week against both 2007 and 2006 in the most recent week, as reported by the Ryness Report, which compiles sales statistics from new home developments across the Las Vegas Valley.
This is the first since 2005 that weekly sales have topped the prior two years, and it is only the second time since 2005 that new home sales numbers topped the previous year’s sales.
Weekly traffic to sale ratios, a strong indicator of buyer demand, went from 30:1 in 2007 down to a much healthier 16:1 in the past week. While one week doesn’t make a trend, taken in context of the overall upward trend for 2008 this is a very positive development.
-Frothing Mark
Chart courtesy of The Ryness Company
July 2, 2008 at 6:45 pm
[...] sales in the Valley are up (meaning economic growth, and the promise of more jobs); home sales are better than they were this time last year; and despite a regional “recession”, net new residents of 4,600 in [...]