SalesTraq | FastFacts | September 2017

 
 

 

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LAS VEGAS HOME PRICES CLIMB 

Home Builders Making Increased Investments in Las Vegas and New Home Communities

THE BOTTOM LINE...Housing performance measures in the Las Vegas area reflect continued demand in both the new construction and resale sectors of the market. During September 2017, the median new home price climbed to $358,622, which represents a 9.3 percent increase from a year ago and the highest reported value in the market's history. Additionally, the new home price per square foot edged up to $155. Home builders are responding to market conditions, as they pulled 683 construction permits during the month to bring the year-to-date total to nearly 7,400.  With permitting activity up 9.5 percent year-to-date, the market is on track to report over 9,300 permits in 2017, which would be the highest level since 2007. Fundamentals within the resale market have also been relatively stable. The median resale price jumped to $235,000 in September - an impressive 16.3 percent increase from the prior year. Tight resale availability, combined with impressive population and employment growth, have been key contributors to the upward pressure on pricing. The number of homes listed in the Multiple Listing Service (MLS) has hovered around 5,700 units for the past several months, and current levels equate to approximately 1.6 months of effectively availability. Potential home buyers seeking product under the $300,000 price range are finding it more challenging as availability stands at 1.0 months in that lower-end price segment. More of the same is expected during the balance of 2017, which should provide a strong foundation heading into 2018. 

 

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