July was an indicator of the current market for the nation. Sales were down some as inventories grew. It came as no surprise to see data for Las Vegas at the end of last month. The number of sales is down which, many real estate pros would say, creates a great time to buy Las Vegas Property.
MSNBC.com reported a drop in the number of previously owned homes in July. "Sales of previously owned homes plunged in July to the lowest level in 2 1/2 years and the inventory of unsold homes climbed to a new record high, fresh signs that the housing market has lost steam.
The National Association of Realtors reported Wednesday that sales of existing homes and condominiums dropped by 4.1 percent in July from June to a seasonally adjusted annual rate of 6.33 million. That was the lowest level since January 2004."
Las Vegas also saw a slight decrease in resale homes across the valley for July. A growing number of listings bumped up inventory. Sellers and their real estate agents are doing all they can to attract buyers which is good news for newcomers and people trading up or down. Negotiable prices, closing costs, and flexible terms are some of the factors that are being included in offers.