SalesTraq | FastFacts | August 2017

 

 

 

 

 

 

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SOUTHERN NEVADA HOUSING MARKET EXPANDS 

Home Builders Face a Lack of Labor Resources as Housing Demand Rises

THE BOTTOM LINE...The Southern Nevada housing market trended positively during the past month as the number of sales in the new and resale market increased and overall prices appreciated. Median resale prices jumped 15 percent to $230,000, and the average price per square foot reached nearly $140 valley-wide during August 2017. The increased values coincided with rising sales volumes and shrinking inventory. The broader market reported effective resale inventory of 1.5 months. Importantly, the number of foreclosures has come to a standstill as only 16 repossessions took place during the month. The new home segment reported 781 closings, bringing the year-to-date total to 5,423 (+11.4 percent from the prior year). New home prices also climbed 10.5 percent to $348,000. In addition, the number of new home construction permits increased 26.6 percent during the month. Given rising demand in the market, increased development activity more generally and improving economic conditions, home builders continue to face challenges of identifying and acquiring sufficient laborers and contractors. While overall employment rose by 3.2 percent in August, the construction sector expanded by an impressive 19.5 percent during the same timeframe. Construction employees now account for nearly seven percent of overall jobs in Southern Nevada. Average hourly wages within the construction sector also rose 4.6 percent. It will be important to continue to monitor these trends going forward. 

 

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