Las Vegas is High Rolling in Housing Too

As 2009 came to a close, it had many analysts reviewing the standings of home sales around the country. The results for the Las Vegas area were positive, revealing that the Las Vegas housing market is high rolling with a 44% increase in home sales from the beginning of 2009 as compared to the end of 2009.

From October to November of 2009, the home sales in Las Vegas dropped by 5.5%, according to a MDA DataQuick report, which is an information provider based in San Diego. MDA DataQuick suggests that the major increase in home sales is attributed to the usual characters such as a decline in prices, low mortgage interest rates and the availability of the federal tax credit for first time homebuyers.

The resale of foreclosure homes populated the housing market in Las Vegas, but this phenomenon too seems to be coming to a close. According to MDA DataQuick, 64.2% of the homes and condos sold in Las Vegas in November were the resale of foreclosures. This number is down from October levels of 66.8% and November levels of 68.1%. Las Vegas foreclosure re-sales saw an uptick in April 2009, but every month since then the sale of foreclosures has declined.

In November 2006, 5,803 homes sold in Las Vegas, which is the highest sales volume in recorded history for the area. By November of 2009, new and existing home sales was at 4,787, which is the second highest number in recorded Vegas history and celebrated the 15th consecutive month that home sales have increased since the previous year.