Recent reports indicate that the prices of homes for sale in Las Vegas become more affordable during the final two months of 2011.
According to CoreLogic, home prices in Las Vegas were down 10.8 percent in November on a year-over-year basis as Nevada led the nation in home value depreciation at 11.2 percent.
"Distressed sales continue to put downward pressure on prices and is a factor that must be addressed in 2012 for a housing recovery to become a reality," said CoreLogic chief economist Mark Fleming.
The housing market in Las Vegas has been exposed to a large number of distressed properties in recent years, which involves both foreclosures and short sales, resulting in a steady downward trend in home values. In addition, the high number of foreclosures has increased the city's vacancy rate, which also weighs heavily on prices.
However, low home prices has caused a spur in buying activity throughout the city from both investors and households alike. It's believed that more entry-level buyers are taking advantage of the affordable prices to gain access to a housing market they would have been financially locked out of prior to the housing bubble burst.