A Glimmer of Hope for LV housing

Sales stats seen as indication bottom of slump is near
By HUBBLE SMITH
Dec. 12, 2007
Las Vegas Review-Journal

Nobody's ready to declare that the Las Vegas housing market has reached bottom, but some real estate experts are convinced the floor is at least being established.

The inventory of homes for sale receded slightly in November to 23,494, about 400 fewer than the previous month, and sales remained below 1,000 for the third consecutive month, the Greater Las Vegas Association of Realtors reported.

Inventory is up 19.1 percent from a year ago and sales are down 37.4 percent, but the hard numbers have leveled off over the past few months.

"It appears we have reached the bottom everyone is waiting for," Robin Camacho of American Realty & Investments said. "December is looking horrible, but it's December and it's always the worst month. November did finish flat. Pending sales were rising, then stalled. Now they are rising again, which means in 30 to 60 days, sales should be rising.

"Unfortunately, foreclosures and short sales are still rising. But listings are decreasing and pending sales are rising. These are the positive signs we've been watching for."
The number of condominiums and townhomes listed for sale fell 0.9 percent in November to 5,989.

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