The National Market
WASHINGTON (February 29, 2016) — Following the highest average year for the index in nearly a decade, pending home sales declined to begin 2016 but remained slightly higher than a year ago, according to the National Association of Realtors®. Only the South saw an uptick in contract activity in January.
Lawrence Yun, NAR chief economist, says a myriad of reasons likely contributed to January contract signings subsiding in most of the country. “While January’s blizzard possibly caused some of the pullback in the Northeast, the recent acceleration in home prices and minimal inventory throughout the country appears to be the primary obstacle holding back would-be buyers,” he said. “Additionally, some buyers could be waiting for a hike in listings come springtime.”
Existing-home sales this year are forecast to be around 5.38 million, an increase of 2.5 percent from 2015. The national median existing-home price for all of this year is expected to increase between 4 and 5 percent. In 2015, existing-home sales increased 6.3 percent, and prices rose 6.8 percent.
Thank you to the National Association of REALTORS for this content and video.
Media contact: Adam DeSanctis.
The Las Vegas Market
New Homes
The median price of the new home closings in 2016, January, was $309,177.
The median price of the new home closings in 2015, January, was $318,190.
This January, there were 511 new home permits issued. That is up 25.5% from January 2015.
Resale Homes
Resales had a huge month-to-month decline in January due to December's numbers, which were "off the charts."
There were 2,714 recorded resales in January.
Condos accounted for 17% of those closings.
The condo market has been increasing for the following reasons:
1. The first-time buyers are finally purchasing due to the OPPORTUNITY provided by the low mortgage rates.
2. Higher rental rates versus low mortgage payments are pushing buyers into the condo market.
3. The low inventory of homes for investors is pushing them into the condo market.
Las Vegas Overall Market and Economy
The overall Las Vegas real estate market is steady. There are multiple offers on the median-priced homes. Inventory is tight with 7095 listings as of March 8, 2016. Overpriced homes and homes in disrepair are sitting on the market beyond 60 days.
Check out the home inventory on my website.
The overall Las Vegas economy still shows signs of rebounding with momentum in the job market and expansion of the casinos, shows, restaurants, and malls.
Check out the new digital display video signs on the Strip. The definition is as good as or better than the high-definition TVs with more than 1080 lines of resolution. There are more than 12 million LEDs and 4 million pixels that can produce 281 trillion colors!
It is novel for any city to be on any growth list, but Las Vegas and New York are the two huge markets on that list.
