A new report says that the prices of Las Vegas homes for sale are expected to rebound next year, after the city suffered greatly during the recent housing crisis.
Speaking a housing seminar last week, local housing analyst Larry Murphy said that while he expects the Las Vegas real estate market to finish this year with home prices 3 to 4 percent below 2009, prices may finally be able to bounce off the bottom sometime in 2011, the Las Vegas Sun reports.
"The prices in our market while still deteriorating, it's deteriorating slowly," the paper quotes Murphy as saying. "Things have stopped getting worse at a tremendous pace. Now it's getting worse at a slower pace."
Murphy added that while it appears that the sales of existing homes will fall short of their '09 levels, new home sales are showing improved numbers and should beat their numbers from last year, although at greatly reduced prices.
Home prices in Las Vegas have declined sharply in recent years. The recent Case-Shiller home price index found that home prices in the city in August were 57 percent below their August 2008 peak.