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New and used home sales, permits lacking luster

Southern Nevada’s new-homes market continued its middling 2014 performance in August.

Builders closed on 530 homes in the month, bringing 2014’s total to 3,733 — a 25.7 percent drop from the same period in 2013, according to local analysis firm Home Builders Research.

What’s more, builders pulled just 544 permits in August, a disappointing number compared with expectations that called for more than 700 permits, Home Builders Research CEO Dennis Smith said in his monthly Las Vegas Housing Market Letter.

Smith traced the slumping permits to processing delays at municipalities.

“The old two steps forward, one step back scenario seems to be embedded, and it is very difficult to get rid of.” Smith said.

The resale market seems to have slackened as well. Sales of existing homes were down 13.1 percent year over year from January to August, Smith said.

“Brokers have told us there are plenty of people looking at homes, but many won’t sign a purchase contract. This suggests that there is a healthy dose of price resistance taking place,” he said.

Sales agents also say they’re finding that more local homes getting listed these days are owned by investors. No one has statistics to back up the observation, and Smith said locals shouldn’t expect a “flood” of rental homes onto the market. But a potential boost in inventory might help sales, he noted.

Appraisal symposium set

Mark your calendars: The Las Vegas Appraisal Institute has scheduled its annual Las Vegas Market Symposium for Nov. 6 at the Suncoast. The all-day event will focus on Southern Nevada’s real estate market.

Six panels take the stage to discuss land, multifamily, single-family, retail, office and industrial real estate. Panelists will share perspectives on trends and coming developments. There’ll also be a keynote speaker who will discuss a local or state topic that affects the industry. This year’s speaker hasn’t been named, but past speakers include representatives of Las Vegas and the governor’s economic development office.

More than 100 people attended the 2013 symposium. For more information or to register, visit lvai.org/lvms/.

Aid for Candlelighters

Colliers International’s local office and its corporate philanthropy, Links for Life Foundation, raised more than $6,000 in September for the Candlelighters Childhood Cancer Foundation of Nevada.

Employees of the commercial brokerage participated in the foundation’s SHINE For a Superhero 5K and 1 Mile Race on Sept. 13 at Mountain’s Edge’s Exploration Park.

Colliers brokers participate in the event annually, but this year, they dedicated their efforts to Jessica Whiteaker, the sister of former Colliers marketing project manager Megan Zimmer. Whiteaker died in August.

Contact reporter Jennifer Robison at jrobison@reviewjournal.com. Follow @J_Robison1 on Twitter.

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