Las Vegas New Home Building Permits Sink To New Low
Las Vegas New Home Building Permits Sink To New Low with a dismal 180 Las Vegas new home building permits issues. This is the lowest monthly total since 1988.
Las Vegas new home building permits for the year
Las Vegas new home building permits for the year totaled 5,961 total permits for the year. down 58 percent from last year. Las Vegas new home sales hit a twenty year low at 643 total permits in November. with 1,521 new home sales in the same month. For the year, new home sales dropped 47 percent to 9,730. Total for the year should be slightly more than 10,000 for Las Vegas new home sales.
new homes fell 8.2 percent
The medium price of a Las Vegas new homes fell 8.2 percent, or $22,288, from a year ago to $247,990 in November. It's down 1 percent from the previous month. It is the eight consecutive month that Las Vegas has posted the fastest rate of declining prices among major markets
homes at $75.00 per sq. ft
Why would anyone pay more money for a Las Vegas foreclosure when new home builders are extremely competitive and in some case below bank foreclosed homes. There are currently Las Vegas new home builders pricing homes at $75.00 per sq. ft. The last time we saw pricing like this was in the 90's
Conclusion
Now is the time to buy a Las Vegas new home or foreclosure home. With interest rates now in the 4% range for a 30 year fixed. Take the time to do the research with an experienced agent like Bob Ratliff with RE/MAX CENTRAL LAS VEGAS at 702-807-5528.
Related Post: Las Vegas Home Foreclosures
Related Post: LAS VEGAS NEW HOMES UNDER $100 Per Sq. Ft.
If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me, Bob Ratliff with RE/MAX CENTRAL LAS VEGAS, at rratliff@remax.net, or call me at 702-807-5528. I look forward to hearing from you!
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