Another Positive Look at the July Numbers

The RJ Reports:

Las Vegas-based SalesTraq today reported 3,173 existing home sales in July, up 56.5 percent from the same month a year ago and the highest monthly total since September 2006.

Higher than my initial report, but that’s probably because of belated updating of July sales by agents.

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3 Responses to Another Positive Look at the July Numbers

  1. bill says:

    I commented to the Toll Brothers post and it was deleted. They are the best builder in Las Vegas.

  2. Mike Weiss says:

    I understand you are a Developer with product to sell. But really, what are you selling?

    According to the following stats:

    http://www.housingtracker.net/askingprices/Nevada/LasVegas-Paradise/

    The reason sales are up (though not above statistical norms) is that prices are down. It’s called supply and demand. You may have taken that class in college.

  3. frothingdeveloper says:

    Mike,

    We’re not discounting the fact that lower prices are driving increased demand right now. But in the college classes I took, when supply goes down and demand increases or remains constant, prices will stabilize and eventually start to go up. Not necessarily to their historical highs, but up nonetheless.

    Las Vegas has significant forces other than price that will drive demand higher over the medium term. Despite recent and temporary bumps in the road, the city’s prospects over a 3-5 year outlook are bright. There are plenty of cities in the US that don’t have the same outlook, and while prices have dropped there, sales have not had a corresponding spike.

    Here in Las Vegas more jobs equals more people, and more people equals more demand. Will it happen overnight? No. But for those who are willing to take a longer term approach we believe the opportunities are there.

    -Frothing Mark

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