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twitterLas Vegas home sales, prices increase in September
Friday, Oct. 9, 2009 | 10:23 a.m.
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Las Vegas area home sales and prices bounced back in September after declining in August.
The Greater Las Vegas Association of Realtors reported today that the 3,358 home sales were 4 percent more than in August. The median price was $138,000, 1.8 percent higher than the $135,500 median price in August.
The sales of town houses and condos increased as well in September — the 859 sales were 6 percent more than in August. The median sales price of $65,720, however, fell 0.9 percent.
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People having been posting on this site that there's still a lot of withheld inventory the banks own, because they don't want to flood the market any more than it already is. So what is this story today? The inventory is really shrinking now? Or is it just a "dead cat bounce?" Somebody with info. on this, please weigh in.
The numbers are statistically insignificant. The Realtors Association will always spins numbers their way whenever they get the chance and the media is glad to report it without real due diligence. Notice how short the article is? As Clara Peller said "Where's the Beef?"
We have years to go in order to wipe out the inventory of distressed homes (not to mention the City Center condos), but the "flattening" of the median value trends is a positive sign to all home owners and government revenues.
We all need the real estate market to stabilize, regardless of our opinions of realtors and their spin.
lets be realistic
1) interest rates will be going up soon
2) Unemployment is still increasing
3) Low sales do not give an accurate figure
4) Taxes will be going up soon
5) The banks we put our tax money into to bail out are secretly hiding houses and really should offload them asap otherwise our tax money will vanish
6) Houses are not affordable, this is a mirage created be artificially low interest rates, wait till they hit 7% then there will be mayhem.
all of this will have a radical effect on houses and prices, this is a long term issue and any bounce is merely based on low sales figures, I suspect houseprices could still drop a further 10-20%
don't forget unemployment figures are not accurate and exclude many people no longer on the radar, the real figure is probably nearer 15% for USA and for Nevada nearer 20%
DTJ, you'll have to wait for the Sun to interview Steve Bottfeld or Larry Murphy for the information you seek. They are the "local real estate gurus." The rest of us are mere mortals.
hey judgesmales...
good stuff...
i can't decide who are the bigger losers...
the so called experts...
or...
the sun and the lvrj for going back to the same clowns who have been dead wrong time and time and time again...
funny funny stuff...
why...
do...
some...
people...
post...
using...
unusual...
punctuation...
and...
grammar?...
Sales is the one thing I tend to look at. The price can be changed from month to month depending on what hits the market. Sales are healthy and that's really the main thing. The residual benefits of sales are:
1. Moving companies
2. Realestate Companies commissions
3. Banks are lending/investors are spending money
4. Supporting businesses like box companies, tape companies, furniture/cleaning/carpeting/paint/flooring/pool/landscaping/etc will benefit from this.
The entire economic engine is really around sales...
As soon as I got to the second paragraph I stopped reading the article. If CAR, NAR or any other Real Estate Association is coming up with this information I ignore it. They spin like crazy.
this is a flicker of good news. the PRICES went up.
that means WAY more than volume. if prices are going up, that means supply must be going down.
now...the reality is how many of these are merely people trying to get into that home before the tax credit deadline?
so...this is good news, but no "expert" can point to this and say "we are at the bottom".
we won't know we are at the bottom until we are well past it because data is always 2 or 3 months behind.
prices going up do not mean volume is going up for example
if only 10 houses sell at inflated prices and 20 sell at normal prices the average price will appear higher.
it amazes me how people have so little understanding of what happened, the worlds financial system had collapsed, it was literally hours from everyone losing their money and nearly every bank collapsing, borrowed money bailed it out for a short while giving it breathing space, the system is still in a critical condition, you don't have this kind of systemic issue correcting itself within a few short years, try 15-20 years
high prices are a bad thing, they drain money, you do not benefit, taxes go up with prices, in turn this causes inflation again not healthy.
when will people learn?
Ok.
Here's the skinny for MONTHS and MONTHS on end, now.
ON AN "AVERAGE" MONTH: 7,000 FORECLOSURE ACTIONS
THIS "GOOD" AUGUST REPORT: 3,358 "SALES"
That's quite a holdback, month... after month... after month.
FIGURES DON'T LIE, BUT LIARS FIGURE.
Here's a tip: Find out WHO's POLITICAL CAMPAIGNS, GLVAR, (Greater Las Vegas Association of Realtors, a.k.a. "Deep Pockets") has DONATED to, (i.e. WHO they are POLITICALLY MIXED UP with).
That will tell the tale. (It has so far...)
(If you would like some insight as to just HOW WELL POLITICALLY they've done so far, on this Friday, Saturday, and Sunday, take a look at the line with the THOUSANDS of people trying to get their HOME MORTGAGE "SALES" payments undone.)
Can you spell R-E-A-L, E-S-T-A-T-E, F-I-A-S-C-O ?
Yeah, that's what I figured.
And MarkP,
You couldn't be more correct about the macro picture. It "amazes me" about how Wall Street is STILL playing shell games with new kinds of repackaged toxic debt, and pumping it into the system. I'm a capitalist. But capitalism is on it's back, it's eyes rolled up into its head. This is because people at the end of the investment chain mindlessly buy worthless paper. The self-regulating factor/concept of risk, is being completely ignored. So short-term thinking still rules the day. The worst of it all is yet to come.
Fortunately, in today's financial market, only those that have income and a history of paying off loans and/or credit cards can be players in the real estate market. That's the way it should have been always prior to the housing bubble start.
The price went up????
Not so fast, do the math.
The price per square foot continued to decrease.
markp, once again...you're an idiot.
"high prices are bad"?
huh?
how does something sell at an "inflated" price? if something sells at a given price that means the purchaser of that item decided it was the right price.
is starbucks coffee inflated?
in 2005...no, it wasn't BECAUSE they were selling it as fast as they could make it.
in 2008...yes, it was because consumers started not buying it so much and many of their stores went out of business.
is the beer at a baseball game "inflated"?
nope, because there's always a line of people 20 deep to buy one.
high prices are a good thing. they help people build equity in their homes, it raises property values which leads to lower crime and better schools.
Hey, Chicken Littles, how many times have you been hit in the head by a falling sky?
SteveM,
"high prices are a good thing. they help people build equity in their homes, it raises property values which leads to lower crime and better schools."
Sure, when it's sustainable and when the markets aren't out of whack. Usually, we can take that for granted. But then there are those times like we've just come out from -when it's an artificial bubble. It was caused by scandalously easy credit given to so many people who never had any business becoming homeowners. And as I mentioned above, any element of "risk" was completely removed from all the players at each step of the process. So now we get this abysmal crash we're now suffering.
How am I, for example, possibly benefiting from the fact that I had to pay an inflated price for my home, and now am hopelessly upside down for as far as the eyes can see?(And we're not nearly as bad off as many. We ignored the advice to get an ARM with the sleazy teaser rates. We got an older, cheaper home, put down 20%, and our mortgage is fixed at 5.8%). We played conservative. But we've still been dragged down by everything happening around us. So I do hope you aren't thinking "the market is punishing me for making a bad investment." That would be Monday morning quarterbacking at it's worst -but I know you wouldn't do that (wink).
Pigs flying,
this is twice I agree 1000% with stevem. Is it 2012?
stevem
i am an idiot you think? this is why i have a booming business based in both the UK and USA
I make a great deal of money from watching the economy and getting it right.
Stevem you tell me why when prices are inflated and inflation is out of control how this is a good thing, give me a real example.
Stevem how much are you worth? I wont tell you my net worth however i can guarantee is is substantially more than you will ever see in your life.
Personal attacks are unwanted in an internet venue.
What I would like a statistic on is how many individuals are sitting inside the home not paying the mortgage and are not planning on paying. In my opinion it is a vast number of individuals where we do not see the real estate signs. It is expensive for the banks to file foreclosure proceedings, and it would account for more distress on their books, so it is in their best interest to hold off the inventory in the warehouse until they see fit. That being taken into consideration, I believe it is extremely hard to come up with any verifiable number that represents any true accuracy. It looks like a slow bleed tends to be the trend, and as long as the foreclosure process is delayed, it tends to lower the value of the surrounding properties upon its release in my opinion. Let's see where it goes.