Las Vegas has seen unprecedented growth for the past 20 years but this year the state of Nevada has dropped to 8th place on the list for growth with Utah taking the top spot followed by Arizona.
What is more alarming is that new home prices have dropped to below $100 per square feet.
“As the recession deepens, builders in the Las Vegas Valley are changing their focus to smaller, more affordable homes — and they are building far fewer of them.”
Sobering news from Las Vegas but these are sobering times. Las Vegans love their big homes but may begin to appreciate homes on a smaller scale which bodes well for some of the existing ranch homes that have been languishing on the market.