Subscribers recently received the latest issue of the Las Vegas Housing Market Letter in their inboxes. Our monthly newsletter has been the number one source for Las Vegas area housing data and commentary for many years and is available as a subscription or as a single-issue download.
HBR President Dennis Smith gives a rundown of the sales and permits for the new home sector in June 2015. Both of these numbers reached high points for 2015. The permit total was the highest we've reported since July 2008! While the numbers remain positive and trending upward, it is important to understand that the trend-lines are very gradual and not skyrocketing upwards. This same statement applies to new home median closing prices which actually dropped from the past 3 months but are still up over 5% from 2014. This is a good thing and fits into what we've been projecting for our market, a longer, slow recovery.
Resale home sales and prices are trending more steeply upward than new homes but are still moving at an "acceptable" pace due to remaining tight supply levels of homes in good condition and priced at market level.
After going over the hard numbers, Dennis dives into commentary on the upcoming expansion of the "active adult" segment in Las Vegas and Henderson. This segment has seen little to no competition for the past number of years, but this will soon change with new communities coming up in both Summerlin and Cadence. This month's letter closes with further commentary on some national statistics on foreclosure activity as well as the sales velocities for the valley's new home segment.
If you have any interest in the Las Vegas housing market, the best place to start to be informed is with our Las Vegas Housing Market Letter. Subscribe today.