Las Vegas Real Estate Market
A recent real estate report on Las Vegas says that double-digit appreciation rates are not a true indication of recent adjustments in home prices in Las Vegas. Looking at price changes for new homes since January shows a much slower pace of appreciation from the last few years.
Neither is it true that housing prices are going down in Las Vegas. As low-end condos form a higher percentage of the total sales according to a local real estate agent. After the huge price increase in the first half of last year, home owners should be satisfied they haven't seen any significant price reductions this year according to Ray Walsh, a realty agent. Actually the entry-level homes less than $300,000 and condominium conversions are strong in Las Vegas this year.
During the past two decades Las Vegas has been an anomaly compared with other housing markets around the country according to Smith a real estate agent. Even if there is drop in real estate prices the drop will be less than 15-20 percent. So, home owners needn't worry that the bottom is going drop of the real estate market.
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