Housing Supply Down in Vegas, For Now

The supply of housing in Las Vegas is at a three-year low, a fact many attribute to prospectors buying up low-priced foreclosures in recent months.
July 27, 2009, 5am PDT | Nate Berg
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"After a record number of existing-home sales in June at 4,663, SalesTraq reported that the inventory on the Multiple Listing Service fell to 12,653 or a 3.4-month supply - a level not seen in several years, President Larry Murphy said. The listings are the fewest since 11,497 homes were on the market in December 2005.

The dwindling supply of foreclosed homes is one reason existing-home prices have stabilized in the last couple of months, housing analysts said."

But because a record number of foreclosures were recorded in June, some expect that the supply of available housing will jump again.

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Published on Friday, July 24, 2009 in The Las Vegas Sun
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