Last week our subscribers received our top seller, The Las Vegas Housing Market Letter. Volume 330 discusses the improvement thus far in 2015 over the "ok" 2014 for the LV housing industry. HBR President Dennis Smith touches on the gains in new home closings and prices for Q1 and March 2015 year-over-year. Consumer traffic is also up substantially from 2014, always a good sign. Dennis also touches on the positive activity in the North Las Vegas sub-market, which is key to the overall "recovery" of the entire valley.
More good news is the increase in new home permits in March. We had predicted at the end of last year that this would be happening as a result of various delays in the process amongst the municipal entities.
Along with new homes, resales are also on the uptick, even month-to-month. We noted over 1,000 more transactions just compared to February of this year. While there are a few possible reasons for this, we stress that for more "normalcy" to return. we need to start seeing more locals moving up and purchasing new homes. Another notable positive in March was with resale condos.
An interesting point to go along with all these positives in the relative steadiness of resale supply. We continue to see a "tight" supply, well below typical "normal".
To close this month's newsletter, Dennis gives commentaries on the 78th Nevada Legislature and the separate, VERY important development on the national level regarding closings related to the Truth in Lending Act, Dodd Frank Act, and new Truth in Lending Act. This is a critical change affecting the housing industry that is discussed.
This issue will also be discussed by a representative of First American Title Company at our upcoming Las Vegas Housing Outlook at the Springs Preserve. We are currently taking registrations on our website.
For all the details on the points discussed here, download Volume 330 of the LV Housing Market Letter or Subscribe with the links below.