August home sales in Las Vegas dropped to a two-year low for that month, according to real estate research firm MDA DataQuick of San Diego. Prices remained stagnant on a year-over-year basis but increased when compared with July.
Sales in August slipped 0.9% from July and 9.5% from August 2009. That follows a steep 22.2% month-over-month drop in July, brought on by the expiration of the popular federal tax credits for home shoppers.
A total of 4,270 new and resale houses and condos sold in the Las Vegas-Paradise metro area. Sales of newly built homes fared the worst, falling to their lowest level on record for an August. Despite a glut of foreclosures in the area, new home sales in Las Vegas had picked up earlier this year as builders marketed smaller, less expensive properties to first-time buyers as an alternative to foreclosure properties.
Related Stories
4 Steps to Prep Your Business for Contraction
How a remodeling company plans ahead for the worst of times (and the best of times)
Creating a Company Fire Drill: How to Prepare for the Worst
A disastrous fire could have been a lot worse if the business wasn’t prepared for the unexpected
The Fundamentals of Growing Profitably
On this episode of Women at WIRC podcast, Nip Tuck Remodeling Owner April Bettinger shares how she plans for her company's profitable growth
3 Things to Add to Your Construction Contract—From a Lawyer
Did you know you can add these three elements to your contracts?
Study Finds Remodelers’ Net Profits Declined
How far did net profits decline and what's influencing the drop?
The Home Depot Bets on Pros Amid Predictions of Flat Sales Growth
For the first time since 2019, The Home Depot’s revenue fell short of Wall Street’s predictions amid a general softening in the home improvement market
Indicators of a Softening Market and How to Prepare
Market conditions could be changing, but don't panic. Richardson shares ways to stay on top of market conditions and how to prepare for any potential softening down the road.
Grow Your Business Through Collaboration with Remodeling Peers
Remodeling Mastery Forums offers a unique business opportuniy for remodelers