It is surprising that there are observed sales and prices slide in one of America’s most heated markets. However, builders keep building.

Many sellers are now more than willing to negotiate, in cities like Las Vegas. According to Larry Murphy, president of Salestraq, a Las Vegas-based housing research company, there are almost 500 subdivisions in Las Vegas that have active sales offices.

Dawn Christensen, a spokeswoman for the company in Nevada, said that she still believes that is still a strong market in the area.

Mr. Murphy reported that Las Vegas has been very profitable for most developers. However, after three years of steadily increasing home prices, developers are shrinking their profit margins by dropping prices. He also added that builders hate to drop their price.

In April, on the basis of the brochure prices, Murphy found that KB Home, one of the largest builders in the city, lowered prices between $8,000 and $34,000 at 16 of its 38 subdivisions with sales offices. The slower real estate market has hit almost all price levels in Las Vegas.
 
By M. Sese
http://realestatepress.org