The Las Vegas real estate market, which was one of the hardest hit during the most intense periods of the nationwide economic recession, seems to be showing some signs of recovery, although Sin City certainly still faces numerous challenges in getting back on the road to economic health. According to a November 10, 2009 article in the Las Vegas Review-Journal, Single-family home sales continued to post big numbers in October and median prices rose for the second straight month, the Greater Las Vegas Association of Realtors reported Monday. There were 3,535 home sales during the month, a 5.3 percent increase from September and a 30.1 percent increase from the same month a year ago. The median price climbed to $139,100, up from $138,000 in September and from $135,500 in August. It’s down 26.8 percent from a year ago. Inventory remained steady at nearly 21,000 units, though most of the listings are contingent or pending sale, the Realtors group said.”

Las Vegas homes for sale are enjoying a relatively stable environment, as evidenced by somewhat constant home prices. According to a second article in the Las Vegas Review-Journal, written by Hubble Smith, “Home prices in Las Vegas have plummeted more than 50 percent from their 2006 peak, but have stabilized over the last five months as the ‘phantom’ inventory of foreclosures held by banks never materialized. The median price of 4,254 recorded resales in October was $125,000, down just $250 from the previous month, Home Builders Research reported Wednesday.” According to a November 18, 2009 article by News Radio KXNT, “The local housing market continues to see a slight uptick after more than a year of sharp decline. According to new figures from the group Home Builders Research, sales of existing homes in the Las Vegas Valley topped 4,000 for the fifth straight month in October, and are up by 47% for the year-to-date, compared with the same period in 2008.”

One potential problem spot for real estate in Las Vegas was reported by an article in Bloomberg published on November 12, 2009 – “Nevada had the highest foreclosure rate for the 34th consecutive month, with one in 80 households receiving a filing.”