We’re starting to wonder whether the big theory of the housing, that home prices would again fall off a cliff after the summer buying season ceased, is starting to fall apart.
To wit: home prices in deeply-troubled Vegas are up in October!
LasVegasNow.com: The Greater Las Vegas Association of Realtors has released its October report. Single-family home sales were up 5.3 per cent. There were 3,535 homes sold in October and 3,358 were sold in September. Sales are up 30-per cent from on year ago when much of the market was at a standstill.
According to the report, the median price of homes inched up slightly in October to $139,000 from $138,000 in September. However, the median price of homes is down 26.8 from one year ago. The median price then was $190,000.
Is that just one datapoint in a deeply-depressed market? You bet. Was it helped by the first-time homebuyer tax credit? Certainly. But it’s up month-over-month in October, despite the horrible economy, the massive housing glut, and everything else.