Las Vegas Homes - Demand Remains High

After the flippers flocked to the Las Vegas housing market, experts expected a downturn in the sales of existing homes. The resale transaction saw a decline from 6,139 to 5,361 in a year. This decline was expected after Las Vegas saw an unexpected growth in housing sector in 2004.

The demand for housing as remained the same but the rate at which the increase in price continued has slowed down. Land availability is the major concern to the developers to meet the continuing demand. 18,890 house permits have been given in 2004, which is 18.1% less than the previous year. The price increase in the median rate has not dampened the spirit of the people who want to buy house in Las Vegas and 5% interest rate for the 30 year fixed mortgage is an added advantage to them.

As more and more retirees, empty nesters and baby boomers are arriving in Nevada, Florida, Arizona, and California, the real estate market in these states are having better prospects than the rest of the states in United States.