According to this morning’s Las Vegas Review Journal, home sales weren’t looking so hot in Las Vegas this July.
New home sales in July dropped 41 percent from the same month a year ago and existing home sales fell 35.1 percent as the market continues its downward slide after two years of record-breaking sales and price appreciation.
The 1,808 new home closings were the fewest since April 2003 and slightly more than half of the 3,474 closings in the previous month, local research firm SalesTraq reported Wednesday. "I was kind of shocked when I saw 1,800 new home sales," SalesTraq President Larry Murphy said. "I started downloading the file and I knew it was a small file."
Murphy has challenged the housing bubble theorists every year by citing increasing prices in Las Vegas, but now admits he "underestimated the slowdown."
The article goes on to quote Housingdoom’s Las Vegas- See No Bubble, Hear No Bubble, Speak No Bubble post of July 29th.
It’s becoming increasingly harder to deny that Las Vegas is a typical bubble market, but that has not stopped some like Larry Murphy from trying," Debi Averett said in her Phoenix-based Housingdoom.com blog. "More real estate professionals are recognizing that they lose credibility by denying the obvious trend. Join the dark side and embrace the bubble, Mr. Murphy. Bubble talk may seem like a conspiracy now, but in the end, you will see that a business model based on actual market conditions is better for the market and better for Las Vegas."
Welcome to the dark side, Mr. Murphy- we have you now.
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Major kudos on your quote!
At least, your local reporters pay attention to the blogs.
Just some bad news for your blog. Not end of the world. It is now being blocked by websense.
Metroplexual-
Thanks for the heads up.
This article marks a huge victory for us bubbleheads! Murphy is clearly backpedaling from his “there is no bubble here” remarks from a month ago. Hopefully we are seeing an end to all the irresponsible, immoral bubble cheerleading from Murphy and Rheinberger and all the other reality-challenged housing bulls in Vegas.
The bright side of all of this is that the “median prices are still rising”. What a bunch of spam! If realtors in Vegas would just wake up and stop pulling the wool over people. They are seemingly more like car sales people. Everyone knows that seller are giving away piles of cash back to make a sale in todays dormant market. Always remember that realtors get paid by commision. Why take the reduction off the asking price? Why give away their commision.