There Is Still Talk Of A Housing Bubble In Las Vegas

SalesTraq released their third quarter predictions recently. Larry Murphy is president of the Las Vegas real estate research firm and gives his so called crystal ball predictions at local seminars.

Murphy has done what he usually does, which is speak about the Las Vegas housing bubble. Many people disagree that there isn’t a housing bubble but Murphy isn’t one of them.

At his seminar Murphy released streams of data that showed the housing prices in Las Vegas. Murphy’s information showed that local homes prices are rising and will continue to rise throughout the year.

Murphy also report that there is a slight possibility that there could be local housing shortages. Analyzing the information median new home prices in Vegas was $323,000 in September, a 7.7 percent increase when compared with stats from last year.

Existing homes posted 0.4 percent appreciation rate with average prices sitting at $285,000 from the same time last year.