Wednesday, July 2, 2008

A trip in the wayback machine

Larry Murphy, president of SalesTraq, reported similar numbers. His median new home price was $297,289, up 6.4 percent from October 2004. He has existing home prices at $285,000, relatively flat from $284,500 in September, but up 14 percent from a year ago. Murphy said there is no housing bubble in Las Vegas, nor will there be one in the near future. "Frankly, the vaunted housing bubble is just like Y2K-- a scary proposition put forth by people who do not understand the real estate fundamentals of this market," he said.
- Las Vegas Review-Journal 10/29/05

Las Vegas home prices, like many parts of the country, have continued to rise strongly. There has been widespread media coverage on the possibility of a housing market bust. However there have not been many statistics to support his theory. In fact the statistics reveal that there is very little danger of a housing bubble bust. In fact the latest report released by the Research Division of the National Association of Realtors shows that the local housing market is in excellent shape.
- Las Vegas Real Estate Buyer's Guide 12/11/06

CBS Marketwatch: Is there a housing bubble?

Toll Brothers CFO Joel Rassman: I don't think so.

- CBS Marketwatch 6/7/05

A zillow chart of Las Vegas prices over the past year and a half.

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