The Average Joe Index. The greater Las Vegas area real estate values continue to trend down as high inventory, a slower sales season, and bank repos continue to pressure home prices. Here are this month's numbers;
Home Size Median vs Nov 06 vs Peak (mo/yr)
1500sf $236,500 -14.9% -20.1% (11/05)
2000sf $297,450 -11.4% -17.8% (8/06)
2500sf $338,995 -20.7% -29.8% (9/06)
The Average Joe Median Index measures the values of homes in the sweet spot of the market - where the average Joe can buy. This index removes the million dollar homes from the fray to reveal what the market is doing for the average homeowner.