Tuesday, Nov. 18, 2008 | 1:42 p.m.
Price depreciation of existing homes sold in October slowed to its lowest level since April as sales remained strong despite the lingering credit crunch.
The 3,476 sales of existing homes in October marked the largest amount since June 2006, when there were 4,302 sales. It was more than double the 1,676 sales in October 2007, according to statistics released by Las Vegas-based SalesTraq.
Home prices remained stable, falling $2,800 to $184,000. Prices have been much steeper in recent months. Since February 2007, prices have tumbled $104,000.
Steve Bottfeld, executive vice president of Marketing Solutions, said the October housing statistics give the Las Vegas real estate community some much-needed hope as the Thanksgiving holiday approaches.
"They suggest that Las Vegas may be among the first markets to emerge from the real estate slump affecting the nation," Bottfeld said.
The reason for his optimistic take is that while prices didn't rise in October, they are close to September levels. The median sales price of all new homes, including high-rise condos, fell nearly $4,000 to $249,000, Bottfeld said.
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