community stories for southern Nevada

Decline of home prices slowing…

…and it seems that real estate oracles throughout the Las Vegas valley are becoming cagey and moderate in their market predictions.

We’ve heard over and over that home prices have “hit bottom”, when it’s now painfully clear that no one really knows what “bottom” is. Think those in the business of peddling advice have learned any lessons? Check out the padded prediction here: 

The chances are growing less likely that Las Vegas median home prices will fall to $100,000, according to a Las Vegas housing analyst.

But no one should expect prices to shoot up anytime soon despite a lack of inventory, said Larry Murphy, president of SalesTraq, a housing research firm.

“It appears prices have stopped falling,” Murphy said. “It’s possible that prices could fall further and hit $100,000 by the end of the year, but I don’t think that will happen.”

But no one should expect prices to shoot up anytime soon despite a lack of inventory, said Larry Murphy, president of SalesTraq, a housing research firm.
“It appears prices have stopped falling,” Murphy said. “It’s possible that prices could fall further and hit $100,000 by the end of the year, but I don’t think that will happen.”

This, snipped from an Aug. 3, 2009 article from the Las Vegas Sun. And a recent State of Nevada conversation on real estate prices:

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