Free market at work: Nevada home sales up over 7 percent

Victor Joecks

From the Las Vegas Sun:

Driven by a whopping 40 percent reduction in prices, home sales soared in April in the Las Vegas area, the Greater Las Vegas Association of Realtors reported today.

The Realtors said single-family home sales in April totaled 3,198 — up 7.3 percent from 2,980 in March and up 78.3 percent from 1,794 sales in April 2008.

Condominium and townhome sales totaled 727. That’s up 20.4 percent from 604 such sales in March and up 242.9 percent from 212 one year ago.

The median price of a single-family home sold in the Las Vegas area decreased by 4.9 percent during the month, from $149,000 in March to $141,720 in April. This current median price is down 39.9 percent compared to $235,875 in April 2008.

This is the free market at work. It punishes those who take out mortgages they can’t afford and rewards those who work hard, save up and live within theirs means. Unlike, say, the government.