THE GREATER LAS VEGAS ASSOCIATION
OF REALTORS EXPECTS DECEMBER'S
ESCROW CLOSINGS TO BE THE HIGHEST
IN SEVERAL YEARS
Nationally, the trend is about the
same as the National Realtors Group
said that the index of sales agreements
jumped 7.3 percent last month.
Contract agreements usually signal
where the housing market is headed.
The Las Vegas Association of Realtors
has noticed a trend of more homes going
into contract since November and expects
December's escrow closings to be the
highest in several years.
A spokesman said, "we think there is a
pent-up demand nationally and locally."
The Association reported that 9,780
single family homes, roughly half of
20,818 units on the Multiple Listing
Service, were available without pending
offers in November.
The median list price of available units
without offers was $139,000 in November,
a 2.5 decrease from a year ago. Realtors
added 3,612 new listings to the Las Vegas
MLS during the month.
An analyst at Decision Economics said,
"buyers are feeling comfortable with
their personal situations and with the
Homes are the most affordable they have
been in decades. Long-term mortgage rates
are at historic lows and prices in most
metro areas have dropped since late 2006.
Another spokesman said,"Las Vegas is a
growing retirement community with affordable
home prices and low interest rates are helping
new homeowners. For example, like a couple
that just locked in a rate of only 3.87
"A lot of lenders doing short sales and
foreclosures want to get properties off
the books by year-end."