We aren’t popping champagne corks and high fiving about the anemic signs that New Home Sales Slowly Recovering in Las Vegas. But, based on number just released, conversations with new home builders that we work closely with and the overall conditions in our market, today’s numbers for the month of August are encouraging.
New Home Sales Recovering
What’s driving Las Vegas New Homes Sales? We believe a number of factors, some related to the actual new home market and others that are aligned with our foreclosure driven market.
New home sales here in Las Vegas increased a tiny amount for the month of August, from 407 in July to 426 in August – this isn’t stellar growth by any means, as it’s around 5%. But, an increase is an increase and has value as such.
The median price of a New Home here in Las Vegas increased to $210,000., up 1.7% from July but down 18% from a year ago. We aren’t out of the woods yet, but we think bottom has formed for New Homes here in Las Vegas, just like overall market.
Las Vegas Foreclosures Helping New Home Sales
One of the challenges with our current market is a lack of inventory at specific price points. This encompasses the sizzling $0-150K price range, which is helping to move first time homeowners and investors into new homes as an alternative.
Not to mention, a new home has desirability, when contrasted with a foreclosure that may need some maintenance, not to mention that “shiny new feel” that most of us love!
Another contributing factor to our market, is what is going on in California. It looks like the California real estate market is starting to stabilize, which we think has positive repercussions with New Home Sales here in Las Vegas.
New Home Sales Slowly Recovering in Las Vegas
