Subscribers (including reporters) received our best-selling newsletter in their inboxes last week which features the latest data on commentary on the Las Vegas housing market by HBR President Dennis Smith.
This month's issue summarizes August 2015 closings and prices for both the new and resale segments as well as building permit totals. Regarding new home permits, 2015 continues to meet our expectations and outpaced 2014 by 17% (while new home closings are up 12% year-to-year). When looking at prices, we point out the growth during 2015 in the percentage of new home closings in the higher price ranges. When comparing August 2015 to year-end 2013, closings over $400,000 are up over 10%. One main reason for this is of course that builders must take measures to adjust to higher land prices.
For the resale segment, closing totals are up just under 14% from last year while the median closing price is up 11%. The inventory of listings remains at just over 2 months of supply.
To close, Dennis offers commentary on a few issues including why our masters at the Fed decided not to raise interest rates for the time being, and the overall "recovery" of the Vegas market.
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