LAS VEGAS SINGLE-FAMILY HOME
SALES ROSE IN NOVEMBER TO 3,159

This was a 1.3 percent increase from October
and a 13.8 jump from a year ago, according to
the Las Vegas Association of Realtors.

The median price was $125,000 up 3.3 percent
from October.

Importantly, the MLS inventory of available
units fell to 20,818, down 8 percent from November
2010. The number of homes without pending
offers fell 22.3 percent to 9,780 in November.

The modest increase in median price is attributed
to strong demand coupled with decreasing supply
according to a spokesman of the Realtors Association.

Real Estate agents expected a decline in inventory
since an October law passed making it more difficult
for banks and lenders to foreclose.

"This is our third year with 40,000 or more closings,
with less inventory especially in areas where homes
are really selling",  said a spokesman. "The number
of desirable properties listed for sale continues to
decrease especially in good neighborhoods, master
planned communities and nearby large employment
centers."

The ongoing sales surge is driven by investors buying
homes at bargain prices, restoring them, which tends
to drive up prices.

Short-sales are up in response to the new law making
foreclosures more difficult. There were 150 to 250
homes receiving default notices before the law went
into effect, now its 3 to 5 daily.  The full effect of this
new law probably won't be felt until later in 2012.

Irv