Nationally, the sales of existing homes unexpectedly rose by 3.9% in February, the largest monthly gain in three years according to a National Association of Realtors report dated March 23. The price of a median home sold last month dropped to $212,800, down by 1.3% from the same month in 2006. This decline represents a record seven straight months that the median home price has fallen. Construction of new homes and apartments rose 9% in February to a seasonally adjusted annual rate of 1.53 million units, the Commerce Department reported March 20. Construction had fallen by 14.3% in January. Even with the better-than-expected rebound, construction activity remained 28.5% below last year's level. Builders' applications for new permits, considered a reliable gauge of future activity, continued falling in February, dropping by 2.5% to an annual rate of 1.53 million units. That marked the 12th decline in the past 13 months in building permits. Federal Reserve policymakers announced on March 21 that they would leave the central bank's key federal funds rate ~ the rate that banks charge one another for overnight loans ~ at 5.25%, where it has remained since June 2006. The Las Vegas real estate marketplace saw the supply of existing homes rising faster than the demand. The ratio of listings (supply) to pending-contingents (short term demand) for March was 3.4 with rising prices. This means there were 3.4 listings for each property designated as pending or contingent. Currently, the ratio is 6.6 and rising with negative price tendencies. The median price for single family residences is currently at $310K |
