Pull Back Noted In Las Vegas

The major players in the Las Vegas home market are reacting to the recent crisis with caution. "Home builders have cut back on new home permits, which dropped 8.7 percent in February to 2,492 on top of an 81 percent decline in January."

The LV Review-Journal reported February median prices down almost 4% from January, though still far higher than February 2004. "The number of available homes on the Multiple Listing Service has grown to 10,750 in February, about four times the 2,662 listings in the same month a year ago."

It is interesting that sales continue to increase, reinforcing this bloggers opinion that the man on the street will be the last to get the message. "New home closings increased in February to 2,382, a 7.7 percent increase from a year ago. Existing home closings totaled 4,162, up 2.2 percent from a year ago and far ahead of sales in January." Larry Murphy said, "If demand remains the same, prices go down."