Record sales of new homes

Las Vegas saw record high sales of new homes. Of the 3,643 houses sold one-fifth were condo conversions. The median home price remained constant for the third consecutive month at $292,573. The median price of condo conversion rose to $168,198 but this did not affect the overall price. Compared to 2004 there was an increase of 23.1% in median new home price without including the conversions.

With the real estate boom still continuing in Las Vegas there were 2,959 new home permit in August, which is 26.1% higher than last year. The sales time has come down to 40 days for existing homes. The existing homes sales increased to 7% this year with 5,404 homes being sold. The average sales price of existing homes increased to 12% at $280,000. The record high trend of existing homes sales has continued from last year. Hurricane Katrina will also force more displaced workers to move to Las Vegas