Las Vegas Real Estate Scene

Experts expected a downturn in the sales of existing homes after the flippers flocked to the Las Vegas housing market and started investing in Las Vegas real estate.

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.

Demand for new homes as remained the same but the rate at which the increase in price continued has slowed down. Paucity of develop-able land is the major concern to the developers to meet the continuing demand.

A toal of 18,890 house permits have been given in 2004, which is 18.1% less than the previous year. The rising median prices of homes has not dampened the spirit of the people who wish to buy homes in Las Vegas. The 5% interest rate for the 30 year fixed mortgage is an added advantage to them.

A similar trend has been seen in California. Actually Nevada and California are two states which have really benefitted the most by the real estate boom