Back in June, when discussing April’s single family inventory of 17,161 homes, the Las Vegas pundits were declaring that inventory had "peaked."
SalesTraq President Larry Murphy said:
The market will take care of itself. We’re probably at the peak of inventory. It’s just going to take six months to run through it and get back to levels builders feel good about."
Murphy predicts that by the end of 2006, the market will see significant declines in inventory. And 2007 will bring even bigger reductions in housing availability.
He wasn’t alone in his predictions. Linda Rheinberger, president of the Greater Las Vegas Association of Realtors (GLVAR) agreed.
"I really believe this (inventory) is a short-term phenomenon. I believe we have peaked," she said. "I believe there are some short-term opportunities if you’re a buyer. All our indicators point to inventory levels going down in two to three months, even as demand doesn’t go down."
Fast forward to October- The Las Vegas Review Journal Reports:
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