CARSON CITY, Nev. (AP) - A sale of federally owned land in the Las Vegas Valley is signaling a positive turn for the region's beleaguered housing market and the state economy.
Seven parcels encompassing 109 acres were sold Tuesday by the U.S Bureau of Land Management for a total of $21.4 million. The bulk of the acreage was purchased by two home developers, D.R. Horton and Pardee Homes.
BLM officials say the combined sales exceeded by more than $7 million the appraised value of the nine parcels offered.
It's also the first time in years developers have shown any interest to acquire vacant land from the federal government around Nevada's sprawling desert metropolis.
During the prior three years combined, only about 30 acres were sold as Nevada languished in the grip of recession.
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.