Housing prices saw a downward trend in October and there are more than 12,000 homes in the market. Condo conversions are one of the reasons behind this downward trend. Last month one-third of the new home sales were condo conversions. The median price of resale homes in October was $285,000, which is $5,000 less than the previous month. Many attribute this downward trend to the housing bubble. A housing bubble is created when the supply exceeds the demand, which is not the case in Las Vegas. Drop in the housing market can prove advantageous to those who want to purchase house during this period. These slight dips in home prices were the first for the valley homeowners in almost two years. As the mortgages rates continue to rise, it is making the process of buying a house more difficult. The number of houses for sale in more than double than what it was six months back.

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