Clark North Las Vegas Nevada Mortgage Refinance
In March 2010, home sales in Las Vegas jumped 32.8 percent from February’s figures according to the Greater Las Vegas Association of Realtors. Townhome and condo sales increased by 34.8 percent from March 2009. A 3.3 percent drop was noted in the median sales price of homes. Total sales increased by 3.4 percent in March versus the same time the previous year. An increase of 38.1 percent was noted for townhome and condo sales.
Dennis Smith, housing analyst for Home Builders Research in Las Vegas, said the new home market is strong in regards to sales and permits. He said the prices remain low due to the appraisal process. Lenders are pressuring appraisers to “lowball” appraisals. Smith noted that lenders don’t realize that the Las Vegas area has pulled out of its declining market. He guarantees that higher sales figures would be realized if consistency was practiced across the appraisal industry.