The report found that 484 acres of vacant property sold duringthe third quarter of 2007, which is a 45% decline from the 881acres sold in the third quarter of 2006. Excluding premium-priceresort property transactions, sales averaged $677,300 per acre inthe third quarter, which is 5.7% below the second quarter but 1.5%higher than the third quarter of 2006.

The third quarter results mark the fifth consecutive quarterwith less than 1,000 acres changing hands. The trend follows 19straight quarters of at least 1,000 acres changing hands. In 2004,some 13,000 acres changed hands.

Applied Analysis principal Jeremy Aguero says that while marketaverage land prices in Las Vegas will continue to moderate fromquarter-to-quarter based on the mix and size of parcels transacted,there is one trend that has prevailed since the pricing run-ups in2004 and 2005--sales volumes, or the amount of property changinghands, has declined steadily for the past two years.