SalesTraq Reports, You Decide

SalesTraq recently reported that there were 2,581 new home closings in October. This number is down 22% from the same month this time last year.

The report shows that this is the fourth straight month of declining sales. In Las Vegas for the year, new home sales aren't too far off from 2005, just missing the mark by a little over 3%.

Local experts say that new home prices are growing based on the high-rise market.

Steve Bottfeld is a real estate consultant with Marketing Solutions and he believes that Las Vegas is near the bottom of its negative cycle. According to Bottfeld the future of Las Vegas is clear.

Bottfeld says, "October is not the end of the buyer’s market in Las Vegas. But October data does tell us that the Las Vegas housing market is much closer to the end of the buyer's market than most people believe".

Many local Las Vegas experts agree with Bottfeld. However there are still a few who think that this looks bleak for the local housing market.