bursting bubble?

Is the bubble bursting in Vegas? Hard to say. But I hope the median sales prices start falling so I can afford something once I get there. Here's a companion piece to the condo article I cited yesterday, from the Las Vegas Business Press:

Homes sales slide in June

By TONY ILLIA

The Las Vegas Valley housing market continued its year long slide in June with sluggish sales and increased listings. There were 2,527 homes sold last month, a 1.1 percent dip from May and 23.8 percent less than a year ago, reports the Greater Las Vegas Association of Realtors (GLVAR).

Home listings, meanwhile, jumped to 6,060 units in June, which is 11.8 percent more than in 2005. The valley's available housing inventory grew to 20,026 units in June, or nearly 32 percent more than a year ago, also suggesting a market softening.

Median sale prices, however, climbed to $315,000 in June, which is five percent higher than in 2005, GLVAR reports. Yet it's now taking longer to sell homes. Only 40 percent of June home sales occurred within 30 days or less. A year ago, by contrast, nearly 52 percent of all home sales happened in less than 30 days.

The condo/townhome market saw similar June results as sales dropped to 595 units or 22.2 percent less than last year. Median condo/townhome prices, however, rose to $205,000 last month, which is 5.1 percent more than in 2005. But it is also taking longer to move condo/townhome units.

About 45 percent of all sales took place within 30 days in June, whereas, a year ago, almost 60 percent of sales occurred in under a month, reports GLVAR.

There were $973.8 million worth of total home sales in June, a 17.7 percent drop from last year's record pace. Condo/townhome sales accounted for $141.9 million in revenue last month, which is 14.3 percent less than in 2005.