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Single-family home sales dropped sharply to 2,806 in September, a 16.4 percent decrease from the same month a year ago, and inventory of homes on the market jumped 9.2 percent to 22,719, the Greater Las Vegas Association of Realtors reported Friday.
Facing increased competition from foreclosures and short sales, Las Vegas homebuilders have not only had to cut production, but keep prices around $100 a square foot, the standard from about 10 years ago.
No matter how many billions of dollars the government throws at the problem, nothing appears to be easing the housing crisis in Las Vegas, one of the hardest-hit cities in the Great Recession and often cited as “ground zero” for subprime lending and mortgage fraud.