The folks at CoreLogic have just released their "U.S. Home Price Insights Report" for June 2016. We've selected a few points from the report to address in this post, but you can download the entire report here.
CoreLogic is reporting a year-over-year increase in U.S. home closing prices of 5.7%, and are forecasting a year-over-year increase of 5.3% for June 2017.
Focusing on Nevada, we were reported to have the 5th largest (7.7%) price appreciation from June 2015 to June 2016 (including distressed sales) behind Oregon (10.9%), Washington (10.3%), Colorado (9.2%), and Utah (7.9%). Notice all of these are western states. They also report that Nevada is far and away the furthest from reaching peak June values (-32%), while 24 other states and DC reached all-time highs for June.
For the Las Vegas Metro area, they report a 1.6% change month to month and label market conditions as "Normal" (as opposed to under or overvalued). A stand-out figure in our mind is their forecasted 11.3% year-over-year increase looking ahead to 2017, over double their national forecast cited above.
We decided to look at similar figures from our own comprehensive database focusing strictly on NEW HOME base prices and closings and found the following:
Median LAS VEGAS NEW HOME BASE PRICE June 2015 to June 2016: +2.35%
Average LAS VEGAS NEW HOME BASE PRICE June 2015 to June 2016: +7.05%
New Home BASE PRICE Comparison
Median LAS VEGAS NEW HOME CLOSING PRICE June 2015 to June 2016: +8.16%
Average LAS VEGAS NEW HOME CLOSING PRICE June 2015 to June 2016: +3.68%
New Home Closing Price Comparison
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