Las Vegas Housing Market Coming Back to Life

 
Steve Marcus- New homes are shown under construction at Lake Las Vegas on Sunday, April 10, 2016, in Henderson.

Steve Marcus- New homes are shown under construction at Lake Las Vegas on Sunday, April 10, 2016, in Henderson.

 

According to a recent Las Vegas Sun article, "left for dead during the recession, Las Vegas’ housing market has come back to life over the past few years. Buyers are picking up new and used properties. Homeowners are getting above water. Developers are building apartment complexes. Employment and wages have climbed. But it could take several more years before Las Vegas — ground zero for last decade’s real estate boom and bust — fully recovers from the worst recession in decades, which all but wiped out the local economy. So what’s the state of the housing market?"

Here’s a barometer based on some recent reports, including how Las Vegas compares to the nation and how the market has changed in the past decade:

Foreclosures and underwater homeowners
21 percent of Las Vegas-area homeowners with mortgages were underwater in late 2015, according to home-listing service Zillow. That’s down from a peak of 71 percent in early 2012 but still highest among large metro areas and well above the U.S. rate of 13 percent.

Home values
Las Vegas home values have climbed in recent years, but they have more room to grow than in any large metro area to reach peak levels again. The median home value in the Las Vegas area in February was $201,900, up 9 percent from a year earlier. Nationally, the median was $184,600, up 4.3 percent, according to Zillow.

Homebuilding
Builders sold about 6,800 new homes in Clark County last year, up 13 percent from 2014, and about 1,530 new homes in the first quarter of 2016, up 9 percent from the same period last year, according to Home Builders Research. By comparison, builders sold about 17,900 new homes in the Las Vegas area in 1995. That soared to almost 39,000 sales in 2005, but plunged to just 3,900 in 2011.

Check out the full article to read more about the report. 

Shawn & Kyle Cunningham
Cunningham Group at RE/MAX Advantage
shawn@cgvegas.com | 702-960-4819 Shawn
kyle@cgvegas.com | 702-960-4819 Kyle
Source: Las Vegas Sun

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