Las Vegas Housing Economy Still at a Slow Pace

Home Report

The Las Vegas housing market is “stuck in neutral” as sharp drops in sales and development plans continue in the area. This is according to Home Builders Research President Dennis Smith’s recent report.

“In our opinion, the word ‘recovery’ is now one of those overused terms by pundits, economists, realtors, politicians and reporters. If used to describe the overall economy, then yes, the improvements are there, albeit at a much slower pace than most would like to see,” Smith explained.

There was a lag in new home sales in April with only 428 units sold. This is a 43 percent drop year-for-year.

There are also only 596 permits pulled last month which shows a ten percent decline from a year ago.

Overall sales are also down 25 percent compared to last year while permits dropped 19 percent.

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