Some Predict A Grim Future For Home Owners In Las Vegas

The latest report for Las Vegas real estate was released by SalesTraq and it shows that the number of single-family homes for sale through the month of July was 20,273. This is an almost 35 percent increase from this time last year.

The statistics show that July sales fell of nearly 40 percent from the same month a year ago, and finished below 2,000 closings for just the third time in nearly two years.

There have been many reports recently that show evidence of a dying housing boom.

This report was no different. Local resale prices appreciated just 1 percent in July year over year, to $310,000.

Also the Fed's end of rate increases came after there were various reports released that continually showed that the market was slowing down.

SalesTraq administrator Mike Jones said that, "Sales of new homes and existing homes have been falling. Although the median prices are still increasing, the gains have been the smallest in years".

Statistics show that Jones is not far off the mark. A record level of unsold homes is expected to exert even greater pressure on prices in coming months.

There are many concerns about the future of the Las Vegas market, one of them is the concern that the already sizable inventory could worsen as millions of Americans with adjustable rate mortgages, taken out when interest rates were at four decade lows, suddenly find they can’t meet new higher monthly payments.