[rpachigo]

Cold million-dollar market depresses home-sales numbers - Las Vegas Sun

[tony soprano]

In the existing-home market, sales remain steady with 2,606 in February to bring the year’s total to 5,142, an increase of 2,125 or 70 percent from the first two months of 2008, Smith said.

Smith put the median price at $145,000, a one-month decline of $10,000 or 6.5 percent. That’s a year-over-year decrease of $90,000 or 38.3 percent.

Smith said new listings posted by Realtors show prices will continue to decline. The listing price fell 8 percent in February compared with January and is down year-over-year by 41 percent.

The inventory remains flat even though the number of existing-home closings has been strong, Smith said. New listings are keeping pace: 4,954 new single-family homes and 1,204 condominiums and town houses were listed in February.

Among the listings, 39 percent are bank-owned properties. Eighty percent of the existing-home sales are bank owned, Smith said. Short sales account for more than 30 percent of the listings, but only 9 percent of the sales through Realtors, he said.

Unpossible!

[rpachigo]

Originally Posted by tony soprano

Unpossible!

But I thought inventory was down. Olecapt wouldn't lie now would he?