According to the Greater Las Vegas Association of REALTORS, Las Vegas area home sales increased for the sixth straight month in June, 2008 – with a 50.8% increase in comparison to June of 2007. You can read more about it here.

“Realtors sold 2,226 single-family homes in June, a 50.8 percent increase from the same month a year ago and up from 2,026 sales in May.”

So, what does this mean? Prices go down when people stop buying. Prices go up when people start buying. Pretty simple economics. Now.. don’t expect prices to miraculously recover to 2006 prices since today’s Las Vegas Home buyers are very price sensitive but the uptick in sales does suggest that Las Vegas Real Estate has found it’s bottom.

In fact, a recent search for a client for Golf Course Homes in Rhodes Ranch on the Las Vegas MLS showed little to nothing available in comparison to several a couple of months ago. (Luckily we are about to one up for sale!)

It certainly appears that all of the gloom and doom news for Las Vegas Real Estate that made national headlines last year may be over as far as price drops are concerned. More to come…

Paul Francis, CRS
Coldwell Banker Premier
Las Vegas Real Estate
702.592.3058