Category Archives: Nevada

Las Vegas Housing Recovery Slows

October 20, 2013
Market: Las Vegas, NV

The Las Vegas MSA’s streak of 19 consecutive months of single-family home price increases finally came to an end in September. The median price fell 1.1% month-over-month to $180,000, still representing a 29% annual increase. According to reports from The Greater Las Vegas Association of Realtors this is the first monthly decrease since January 2012. Dave Tina, the organization’s president, lent some perspective to the situation: “We knew these rising home prices had to slow down sometime. This may be the beginning of more stable prices for the coming months.”

In terms of demand, of the 14,659 single-family homes that were listed for sale at the month’s end, 6,330 homes did not yet have an offer. That is That is a 12.8% increase in homes without an offer over the previous month and 60% increase year-over-year.


Read more at the Las Vegas Review-Journal.

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In Las Vegas, Home Prices Jump over 30%

September 10, 2013
Market: Las Vegas, NV

Single-family home prices in Las Vegas made another double-digit, year-over-year leap, increasing 31.9% to a median home price of $182,000 last month, according to the Greater Las Vegas Association of Realtors. Prices for condos and townhomes increased 33.6% to $65,000, making August the 19th straight month that prices have increased over the prior year.

Traditional single-family home sales (those that do not involve foreclosure or a short sale) also increased in August, jumping to 67% of all sales. Short sales with a median home price of $148,000 and median foreclosure price of $157,000 stayed at around 25% and 8%, respectively, of all sales.

Read more at the Las Vegas Review-Journal.

In Las Vegas, Underwater Mortgages Dip Below 50%

August 28, 2013
Market: Las Vegas, NV

Due to rising single-family home prices, only 48.4% of Las Vegas mortgage holders now have negative equity on their homes. June marks the first time that fewer than half of single-family homeowners are “underwater” since Zillow started following the statistic in 2011. As many as 71% were underwater in Q1 2012. According to S&P/Case-Shiller index, single-family home prices in Las Vegas increased 24.9% year-over-year, the biggest jump in the country, in June.

However, Las Vegas still has over three times the number of underwater mortgages compared to the U.S. average of 23.8% and more negative home equity than elsewhere in the nation. The city’s 161,486 underwater mortgages translated to a total dollar volume of $15.7 billion.

Read more at Las Vegas Review-Journal.

Las Vegas Home Prices Rising Faster than Anywhere

August 8, 2013
Market: Las Vegas, NV

In July, the median price for single-family homes, as measured by the Greater Las Vegas Association of Realtors, jumped 35.5% year-over-year to $180,000. Since home prices fell to $118,000 in January 2012, they have increased faster than anywhere else in the country. Still, the city’s housing market has some ground to cover before reaching its pre-recession peak of $315,000. The median price for a condo also increased 37.6% year-over-year to $91,500, driven by several high-rise condo sales in the expensive Las Vegas Strip.

New home sales for the first half of 2013 totaled 3,570, an 80% increase year-over-year. Supply picked up as well, as 616 units were completed in June, representing a 65.1% increase year-over-year.

Read the full article at Las Vegas Review Journal.

Nevada Leads the Way as Single-Family Home Prices Jump Nationwide

August 6, 2013
Market: Nevada, U.S.

CoreLogic reports that rising demand and scarce supply have driven up single-family home prices 11.9% nationwide year-over-year, with Nevada spearheading the recovery. Nevada and California lead the way with home price jumps of 26.5% and 21.4%, respectively. No other state saw price gains greater than 17%. Although home prices remain 19% below peak levels in 2006, all but two states had yearly increases.

Moreover, the National Association of Realtors reported in June that sales of existing homes are approaching a 3.5-year high, rising 15.2% year-over-year to 5.08 million.

Read the full article at Las Vegas Review-Journal.

Why Single-Family Home Prices Are Increasing in Las Vegas

Market: Las Vegas, NV
June 26, 2013

High-paying investors and a shortage of supply have raised median single-family home price by 32.8% year-over-year in Las Vegas. Home prices are increasing because renters are apprehensive about the limited supply, which only meets a five-week demand (a healthy housing market normally has a sixth-month inventory).

New local laws dictating that banks are now subject to more transparent mortgage and foreclosure practices make it harder for banks to foreclose and contribute to the price rebound. In September 2011, there were over 4,000 foreclosure notices in Nevada, and in October, after the bill passed, there were 80. With the reduction in foreclosures, fewer homes are being pushed to the market, further limiting supply and increasing home prices.

This rise in home values allow people who are “underwater” on their mortgages to sell – indeed, the percent of mortgage owners who are underwater has dropped from 70% to 50% since 2010.

Read the full article at NPR.org