Rising Nevada Home Prices Hinder New Home Sales

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People in Nevada are sidestepping from new home sales due to the hefty price tags that come with it says a new report from Las Vegas-based Home Builders Research.

Last August, local builders sold only 530 new homes bringing this year’s total to only 3,733 or down 16 percent from the same period last year.

The median sales price in August was $289,628, up 9 percent year-over-year.

According to President Dennis Smith, plenty of people are looking at homes but not biting, indicating “a healthy dose of price resistance,” he said.

“The housing market continues to ‘ho-hum’ its way through 2014,” Smith wrote in the report. “The old two steps forward, one step back scenario seems to be embedded and it is very difficult to get rid of.”

This phenomenon led to some local builders’ slashing prices, offering more perks to buyers, and boosting their agent’s sales commissions.

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