Las Vegas Business Press :: News : Web site ranks Las Vegas as nation's most overbuilt city
Most of this (overbuilt) housing supply is in HOAs, townhome associations, and condo associations. And it turns out that the units that are hardest to sell are...condos and townhomes. Single family homes sell much faster. Of course, those are in HOAs for the most part.

NuWireInvestor.com, a real estate investor Web site, recently ranked Las Vegas as the nation's most overbuilt city due to the 2005-'06 housing construction boom. There were 72,965 permits issued for residential construction during the last two years, reports the U.S. Census Bureau. Yet the inventory of homes available for sale on the Multiple Listing Service hit a record 24,341 in August, which is 19.4 percent more than last year, reports the Greater Las Vegas Association of Realtors. Roughly 40 percent of those homes are reportedly unoccupied. New home sales through August are also down 37.2 percent from a year ago, GLVAR adds.

Additionally Las Vegas has overbuilt its condominium and townhome sector. Condos and townhomes are spending 335 days on the market, says the National Association of Residential Real Estate Investment Advisors. The average single family home is spending 115 days on the market as of May 2007, according to Zip Realty.