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Las Vegas Housing Market Bouncing Back

New figures show there is a possible light at the end of the tunnel for the struggling real estate market.

A near 10% percent increase in homes sold from August to September sounds like good news for the economy, but do not let the numbers fool you.

It may be awhile before those numbers really make a dent in our local housing economy.

According to the greater Las Vegas Association of Realtors, there has been a 181% increase in homes sales from this time last year until now.

The jumps sounds like good news, but what does it really mean when it comes to the Las Vegas economy.

"It causes values to drop in certain areas substantially, but it is getting the properties sold. It will help the market stabilize, hopefully as the market changes," said David Dilks.

Home buying trends may be on the rise, but not because our economy is good.

Nevada is at the bottom of the list when it comes to the economy, but the increase in home sales does help.

"What is neat about it is that buyers come into the market, buy up the houses and get them back in shape and it helps pull up the neighborhoods," said Dilks.

He says more than half of that 181% increase in homes sales are bank owned.

"We have to get these properties moved, sold and off the market and as more come on we have to move them off the market," said Dilks.

So what may be good news for buyers, actually still represents a growing foreclosure trend that needs to dry up before the local housing economy can truly bounce back.

Keep it tuned to Channel 13 Action News.