The most trusted word on the Las Vegas housing industry is the The Las Vegas Housing Market Letter, written each month by HBR President Dennis Smith. The latest issue (Vol. 332) was recently delivered to our subscribers' inboxes.
Each issue begins with a breakdown of the most recent month's hard numbers. For May 2015, we reported a year-to-year increase in new home closings of 8.9% accompanying a 12.6% increase in median price and a 23.3% increase in permits over the same time. Dennis also touches on the changes in market share along different price categories since 2014, a very interesting chart.
Resales numbers are also up year-to-year with May closings bringing that number to 17.7% and resale median price up 17.1%.
In commentary, Dennis discusses the reasons for these upward trends as well as the famous price "gap" between new and existing homes. He also touches on some points and issues touched on in a very good presentation by Dr. Frank Nothaft, Senior VP & Chief Economist at CoreLogic, at a recent UNLV event. The University also presented its "2015 Midyear Economic Outlook" which is also discussed as the topics of first-time buyers, student debt, and the "millennial" demographic continue to dominate many national housing discussions.
Subscribe or download the current LV Housing Market Letter by clicking the links below.