Land prices dip 21 percent in second quarter

August 2008
Las Vegas Business Press (10712186);8/11/2008, Vol. 25 Issue 32, p12
The article reports on the drop in land prices in Southern Nevada in the second quarter of 2008 from the same period in 2007. Median vacant raw land prices were $570,279 per acre at the end of June, and equals average sale prices of $13.09 per square foot. According to the article, the decline reflects a weak U.S. economy as well as a residential market downturn and tightening credit availability. The article also reports a decline in the amount of land deals occurring in the quarter.


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