Housing stats show that buyers are buying more homes than last year. Why? 45,000 jobs are being added in 2015. Construction, consumer spending, financial services, and tourism are leading job growth sectors this year.
Nevada estimates on new job growth:
- 2015 - 45,000
- 2016 - 52,000
- 2017 - 60,000
"Essentially every private-sector industry but mining and, to some extent, financial services is showing noticeable growth," said Bill Anderson, chief economist of the state Employment, Training, and Rehabilitation Department. "So the kind of job growth we're seeing is much more sustainable than what we were seeing before, when so much of our growth came from two sectors."
The Economic Forum showed Nevada payrolls added 34,100 jobs since last March. By mid-2016, Nevada will return to nearly 1.4 million jobs with a more diverse job market than pre-recession. The mix of industries includes healthcare, retail, and manufacturing.
There are billions of dollars planned for development in the next few years that will fuel economic growth.
Of course, the forecast is just that: a forecast. There are worldwide conditions that could weaken economies in Europe and China. The strong dollar could affect visitor volumes and spending. Consumer confidence is key in the USA.
Here is the scoop on the 1st Quarter Las Vegas Market.
With the economic growth and strong job numbers, the housing market should continue to grow. The 1st quarter is already reflecting improvement.
New Homes
Re-Sales
With low interest rates and affordable prices at a median of $192,000, the resales are selling with multiple offers. The short-sale buyers who were displaced because of being upside down are now eligible to buy again. First-time home buyers are taking advantage of FHA loans with 3.5% down. Definitely, a mortgage payment is less than renting. The mortgage on $192,000 would be $901.32 principal and interest.
As of May 5, 2015 -
Available without offers:
- Single Family Homes - 7,126
- Condominiums—1,224
- Townhomes - 609
- Contingency offers overall: 6,078
- Pending offers overall - 997
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