The Las Vegas housing market continues to impress as we head into the summer months. Home builders are pulling more construction permits, historical closings are on the rise and median prices are appreciating. New home closings increased by 22.8 percent through the first five months of 2018 when compared to last year, and the number of new home permits – a forward-looking indicator of activity – is also on the rise.
Resale performances have followed suit, with significant price increases. Overall resale activity is settling into a respectable pace of activity with 19,725 closings through the first five months of the year, generally on par with last year. Pricing gains continue to grab headlines as the median resale price jumped another 15.5 percent on the year, reaching $259,900 in May 2018.
During the past 24 months, resale prices are up 30.0 percent as inventory remains limited. Strong local economic performance and a high volume of in-migrating residents continue to absorb available inventory. In addition, price Near-term housing trends are expected to persist and follow the economic cycle.
Erlinda A. Ponce-Marin Real Estate 702-735-0222
United Realty Group