Las Vegas New Home Sales Hit 30-Year Low

Just a few short years ago Las Vegas had one of the hottest housing markets in the United States. In the world even! But in 2011 it's home-building industry was one of the coldest, falling to a 30-year low. New home sales topped out at just under 3,900 -- a fraction of the 2005 number of nearly 39,000.

According to Dennis Smith, president of Home Builders Research Inc:

“2011 was the most difficult year the [Las Vegas] home building industry has ever been through."

He said it was the worst he's seen since he started tracking the Vegas market in 1987. In fact, it only barely beat the 1982 new homes figure of 3600. Maybe the scariest thing is that the Las Vegas Valley now has about 4 times more people than it did in '82.

The Vegas economy continues to be mired in high unemployment and huge number of "underwater" mortgages/foreclosures. The only bright spot is that Las Vegas houses have become incredibly cheap to buy! Many economists expect the Vegas economy to pick up slight in 2012 and continue to gain momentum into 2013 but there will almost certainly be no rapid, dramatic recovery for Sin City!

We say: Vegas needs jobs. That's all there is to it. Until our "brilliant" local business leaders and politicians figure out a way to bring new industries and decent-paying jobs into this city not much is going to change.

Learn some mo': Las Vegas new home sales hit 30-year low in 2011