|
|
Article: Sales of Existing Las Vegas-Area Homes Surge, New Sales Slip in First Quarter.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- April 27, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
By Hubble Smith, Las Vegas Review-Journal Knight Ridder/Tribune Business News
Apr. 27--A 7.5 percent decline in new home sales for the first quarter in Las Vegas has nothing to do with the economy or the war in Iraq, a marketing expert said during a local housing seminar.
The problem is a lack of standing inventory, homes that are completely built and ready to be purchased and occupied.
Among the top 10 builders in Las Vegas who accounted for 45 percent of the 22,000 new homes sold last year, there were 68 homes in standing inventory at the end of the quarter.
That means the sales decline was not demand-related, said Steve ...