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PA I D A D V E R T I S E M E N T In business real estate Run of rising Las Vegas home prices reaches an end By Eli Segall staff writer After a nearly two-year hot streak, Las Vegas home prices have started to cool off. But only a little. The median price of previously owned single-family homes sold in Southern Nevada in September was $180,000, down 1.1 percent from August but still up 28.6 percent from September 2012, according to a new report from the Greater Las Vegas Association of Realtors. The month was the first since January 2012 that prices fell from the previous month. "We knew these rising home prices had to slow down sometime," GLVAR President Dave Tina said in the report. "Home prices and sales usually slow down heading into the holidays and in the winter, so this may be the beginning of more stable prices for the coming months." Meanwhile, buyers are ignoring more and more listings as overconfident homeowners try to land higher prices. By the end of September, 6,330 singlefamily homes were up for sale without any offers attached to them. That's up 13 percent from August and up 61 percent from a year ago, according to the GLVAR. Las Vegas' housing market, one of the worst in the country during the recession, has been recovering the past year, thanks in large part to Wall Street investors buying cheap homes in bulk to turn into rentals. Faced with rising prices they helped create, though, many investors now are scaling back their local purchases. the economy businesses could face lower unemployment tax burden By Cy Ryan staff writer CARSON CITY — The unemployment tax assessed 36,310 businesses in Nevada could be lowered in 2014 if the state pays off its federal loan earlier. The state Employment Security Council this month recommended the average tax rate be reduced from 2.25 percent to 2.1 percent if bonds are issued. Council member Paul Barton said, "We need to keep the tax rate as low as possible to give employers the best chance of creating jobs. Employers are struggling and they need help." Renee Olson, administrator of the state Employment Security Division, appeared before the state Board of Finance to request permission to issue bonds of $580 million to $600 million to repay the federal government for money it loaned during the recession to pay jobless rates and build up the reserve. The state is paying an interest rate on the federal loan at 2.5 percent. The bonds might be sold at a rate of 0.5 to 1 percent. In addition to retiring the debt, it would also eliminate a yearly $63 federal tax imposed on employers. Olson was given the authority by the council to adjust the rate based on the interest rate of the bonds. Olson said she would hold a workshop on the unemployment tax rate 20131028_VI08_F.indd 8 on Oct. 29 and then she has 30 days to make a financial decision. Based on worker turnover, employers now pay a rate ranging from a high of 5.4 percent to 0.25 percent on a wage of $26,900. New employers, which now total 21,402, pay at a rate of 2.95 percent for the first three years they are in operation. The wage level will rise to $27,400 next year. The rates will help Nevada build its trust fund to pay for benefits for jobless workers. Olson said it will be in a better position to deal with any downturn in the economy. "We want to be put in a position where we don't have to borrow again." The state at one point owed the federal government $846 million during the high point of the recession. Chief Economist Bill Anderson told the council the economy was "growing at a modest pace." But he cautioned it was rebounding from a "historical low." He estimated there would be an added 30,000 jobs next year. Supervising Economist David Schmidt said jobless workers are getting off of unemployment benefits earlier. The average during the downturn was drawing checks for 19 weeks of the maximum 26 weeks. It is down to 15 weeks, he said. 10/23/13 4:38:16 PM