Median prices started to increase for most of California in late spring 2009. Las Vegas prices have continued to erode in the face of high inventory and a serious jobless problem. In October, the Las Vegas real estate market turned positive for both number of sales and prices.
Sales in October were up 5% from September and 30% higher than a year earlier. Of the 21,000 units inventory listed, only 8,000 are available without an existing offer. With 3,500 sales in October, available inventory is less than a 3 months supply. Bring on the phantom inventory!
Median prices increased in both September and October, gaining $4,500 to about $139k. Prices are still 26% below a year earlier.
The great question remains whether current and future foreclosures will short circuit the real estate recovery by flooding the market with bank owned properties. One commentator in the article linked above thinks so. I am waiting to see if this inventory actually materializes in mass or ends up trickling into a market of rising prices.