The Las Vegas housing market just can’t keep up.  Homes continue to come on the market faster than they can be sold.

Sales

Single family home sales had their smallest month-to-month decline in three months.  August sales, at 1,316 homes sold, were virtually unchanged from July’s 1,318 figure.  There were a couple of factors that probably helped keep August sales up.  One was that the last day of the month fell on a Friday before a three-day weekend.  The last couple of days of the month are popular for closing, so it is likely that sales that might have closed in September, instead closed at the end of August.  The other was that the cancellation of a number of loan programs by lenders forced some buyers to close in August while these some programs were still available.  Both of these factors probably helped August sales, but may negatively impact September home sales: [Data from GLVAR]

 

While sales were virtually unchanged month-to-month, with a 37.2% decline in sales from last year’s 2097, the continued sales decline is obviously significant.

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