Has the Real Estate Market Finally Bottomed Out?

1. Home shortage in Las Vegas? Yes, for foreclosures Realtors say: “House hunters can’t be as picky in Las Vegas today as they were a year ago, especially if they’re looking for a bargain on a foreclosure home. There’s actually a shortage of those homes, roughly one month’s supply at current sales levels, local Realtors say.”

2. Las Vegas Home sales, prices rise; inventory dips: “Sales of single-family homes in Las Vegas and their median price increased in February from the previous month, while the inventory of homes available for sale continued to decline, the Greater Las Vegas Association of Realtors reported. Realtors sold 3,053 homes during the month, a 4.2 percent increase from January and 17.8 percent increase from February 2011.

The market has bottomed out, said Nancy Storey of Prudential Americana.”

Other markets:

3.  Phoenix-area January home sales rose to the highest level for that month in five years as several price measures trended higher again on a year-over-year basis.

4.  Seattle-area home sales rose to the highest level for a January in four years as increased affordability helped drive sub-$200,000 sales up more than 30 percent from a year earlier.

5. The number of homes sold in the Portland area during January rose to the highest level for that month in four years.

About Mark J. Perry 262 Articles

Affiliation: University of Michigan

Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan.

He holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University in Washington, D.C. and an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota.

Since 1997, Professor Perry has been a member of the Board of Scholars for the Mackinac Center for Public Policy, a nonpartisan research and public policy institute in Michigan.

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