Inventory Falls ----- Homes Prices Rises ---- Notices of Defaults Falls -- Existing Homes Sales Rises ---
The total inventory of homes available without pending or contingent offers, down 63.4 percent from one year ago to 4,162. Homes prices rose for the third straight month in April while inventory falls. Based on current demand, our housing supply is down to about four to six weeks, according to Kolleen Kelley, President of the Greater Las Vegas Association of Realtors. GLVAR reported 83% of homes listed this year in Las Vegas, NV are sold. See my blog List vs Sold Comparison . Notices of default plummeted with the number of bank-owned homes on the market drops to less than 800. NOD filings dramatically shows the direct correlation of inventory of homes currently for sale. See my Notice of Default Blog. Home prices continue to face upward pressure until inventory improves in the coming months. Existing homes sales remain ahead of the record pace set in 2011 even with fewer homes for sale. April sales were up 3.3 percent from the same month a year ago. Stay Tune!!!!!! (Las Vegas Review Journal article 5/8/2012)
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