Wednesday, April 16, 2008

Las Vegas SFR Closing Report MARCH 2008

This report reflects the number of sales in each Zip code, as well as the lowest, highest, and median price of homes sold. The Zip code with the highest number of closings for March was 89178, which had 90 SFR closings and a median price of $248,627. In the same month one year ago, this Zip code posted 221 SFR closings. There was a total of 1,390 SFR closings last month. Interest rates are on the rise. Yesterday morning rates were at 5.75% on a conventional loan with 1 point - 6.0% with 0 points & now they are 6.125% with 1 point & 6.375% with 0 points. Some good (great) news: "Expect a full recovery of the housing market by 2010 and likely a shortage of residential units by the end of that year, reversing today's glut of 23,000 homes for sale." "...Las Vegas will need a quarter million new residential units over the next three years as 40,000 to 100,000 jobs are added to the [Las Vegas] economy." - Source: Las Vegas Business Press, Hubble Smith.

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