Las Vegas Housing Market Slowing Down!
The Las Vegas housing market is showing signs of slowing down. Though
the economy of the State is still going strong. But according to experts
in the real estate field this does not mean the market is about to bust.
Real estate has always been a slow and steady market - both in times of upturn
and a downturn. People generally do not sell their homes like they sell their stocks.
Also, housing busts happen in cities with weak economy or when the economy itself is going bust which is not the case with Las Vegas and Nevada
The State still leads the nation with job growth. It's running at 6.7 percent in Nevada in the second quarter, compared with 4.1 percent for Arizona, No. 2 on the list, according to the FDIC. Those rates contrast with a 1.7 percent national average job growth rate.
A Federal Deposit Insurance Corp. (FDIC) chart showed home prices in Nevada rising sharply in 2004 but declining in recent months. Meanwhile, personal income growth has been relatively gradual in recent years. FDIC officials said personal income growth and home price growth would eventually converge and closely track each other as they have always done until 2003.
