Real Estate Blog - Market News: Las Vegas Residential Building Permits Down 26%

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Market News: Las Vegas Residential Building Permits Down 26%

The downward trend continues!

Only 885 Residential Building Permits were pulled for the month of November.

New sales were 2829 units in November, up slightly from October's 2606 units. The median new home price rose 11.3% for the same 12 month period but 366 high end high rise condo units closed in November also - Platinum and Turnberry.

The low amount of permits being pulled is splendid news for the inventory soaked resale market in 2007.

All the Best,

Renee Burrows
Realtor®

Nevada Realty Solutions - Your Dream, Your Investment, You\'re Home!
8942 Spanish Ridge Avenue
Las Vegas, NV 89148
direct: 702-580-1783
fax: 702-995-8237
Renee@ReneeBurrows.com
http://www.ReneeBurrows.com

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Posted by Renee Burrows - Las Vegas NV Valley - Homes For Sale - SRES - SRS - AHWD - ABR on 01/02/2007 07:23 PM

Comments (2)

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Originally posted at: Nevada Real Estate >> Las Vegas Real Estate Specialist: Market News: Las Vegas Residential Building Permits Down 26%

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2 Comments on Market News: Las Vegas Residential Building Permits Down 26%

JAN

2007

This is the best news you could hope for and a trend that I am starting to see in other over-built areas. I follow the Sarasota Herald Tribune regularly for real estate news becuase I own some property in that area. Seems the same thing is happening there also. It will take awhile but things will get back in balance. Hopefully sooner rather than later!

SEP

Diane: Almost three years later and these are still going down :-/

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