Home sales in the Las Vegas area dropped drastically in October and median prices continue to slide, a local housing analyst said.
Median new home prices fell 9.2 percent in October to $299,575 while sales plummeted 49 percent to 1,302, compared with the same month a year ago, according to SalesTraq.
Nearly all home builders in Las Vegas have reduced prices in new subdivisions around the valley, said SalesTraq president Larry Murphy.
Existing home prices dropped 11.4 percent in October to $257,000 and sales were down 44.3 percent to 1,549.
Murphy said in one subdivision of the Anthem community in suburban Henderson, new home prices were slashed $250,000, or about 30 percent.
Last weekend, Kimball Hill Homes marked down prices by $50,000 to $120,000 on select homes in its Mountain's Edge, Providence, Taormina and Avellino communities.
One bright spot in the bleak October picture was resale inventory.
For the first time since June 2006, available listings declined, by about 350 homes to 27,049.
"Inventory is telling us we may be on the bottom, but it will be two or three months before sales and pricing reveal the whole story," Steve Bottfeld of Marketing Solutions said.
North Las Vegas homeowner Steve Rohl sold his home at auction in October after watching it linger on the market as home prices dropped.
"Putting your home on the (Multiple Listing Service) and expecting a sale is like watching dinosaurs dodge asteroids," Rohl said.
"It's an exercise in futility. Have you tried to do an open house lately? There are six open houses within a block of me. You're lucky to get one person."