Tag Archives: Las Vegas

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.


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