Google quietly announced on Google+ that you can now delete Google Analytics properties within your accounts.

Google said in the past this was not allowed because of the way the accounts, properties and profiles were associated. Now, Google said “we’re excited to bring this additional flexibility and consistency to our users, which is the first in a series of improvements to managing deletions in Google Analytics.”

To delete a property, go to the property settings within the admin view and click on the delete link at the bottom right:

Forum discussion at Google+.