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Even as Land Prices Rise, Las Vegas-Area Housing Market Stays Hot.
Knight Ridder/Tribune Business News, March, 2003
By Hubble Smith, Las Vegas Review-Journal Knight Ridder/Tribune Business News
Mar. 5--As long as Las Vegas maintains positive employment numbers and in-migration, land and housing prices will continue to rise, a local housing expert said Tuesday.
The valley remains one of the nation's hottest housing markets, even as land prices creep to $200,000 an acre and new home prices jump 8 percent a year, said Dennis Smith, president of Home Builders Research.
That's because Las Vegas is getting 6,600 new residents every month and job growth was 2.8 percent in 2002, Smith said at his annual Las Vegas Housing Outlook, which drew about 500 people to the Stardust.
"We gained 25,000 jobs year to year while the rest of the nation was...
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