The key point for me was that the median home price in Las Vegas in February 2008 ($246,500) was down 20.6 percent from February 2007.
Lower home prices are mainly due to a large number of short sales, or homes sold for less than the balance owed on the mortgage, and bank-owned homes being sold at reduced prices, Kelley said. They accounted for 41.5 percent of February’s sales.
Yikes, short sales and bank-owned homes accounted for 41.5 percent of sales.
LAS VEGAS INVENTORY OF HOMES FOR SALE
