Las Vegas Homes News

Nov. 30, 2006
Copyright © Las Vegas Review-Journal

New-home closings in LV down 22 percent during month

By HUBBLE SMITH
REVIEW-JOURNAL

Sales of new homes fell in October by the largest amount in three months, a fresh sign of the cooling taking place in the once-sizzling housing market.

The Commerce Department reported Wednesday that new-home sales totaled 1.004 million at a seasonally adjusted annual rate, a 3.2 percent decline from September. That was the largest drop since July, when home sales plunged by 9.2 percent.

Home prices, meanwhile, rose in October, after falling in September.

The median price of a new home sold in October was $248,500, up 1.9 percent from the same month a year ago. The median price is where half sell for more and half sell for less.

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Nov. 21, 2006
Copyright © Las Vegas Review-Journal

Economic index edges up a fraction

By HUBBLE SMITH
REVIEW-JOURNAL

NEW YORK — The U.S. housing market showed more frailty in the third quarter, when home sales plummeted in 38 states, hitting Nevada, Arizona, Florida and California particularly hard, government data showed Monday.

The once-booming real estate market’s persistent weakness over the past year has reined in expectations for economic growth but hasn’t been severe enough to offset a rising stock market, lower gasoline prices and improved consumer expectations.

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