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September 1, 2014

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Las Vegas housing market continues upward trend

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Steve Marcus

A “for sale” sign is displayed outside a foreclosed home near Hacienda Avenue and Jones Boulevard on Saturday, Feb. 5, 2011.

The Las Vegas housing market continued its upward trend last month.

There were 596 new home sales in November in the Las Vegas Valley, with a median closing price of $219,285, according to a report this week from Las Vegas-based Home Builders Research.

That compares to 365 new home sales in November 2011 at a median price of $204,221.

Local builders pulled 478 new homes permits last month, nearly double the 250 pulled in November 2011.

There were also 3,978 recorded resales last month. The median closing price, $133,000, was up almost 17 percent from $114,000 a year earlier, according to Home Builders Research.

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  1. So, how many homes are in the process of foreclosure that will not complete because of the new laws that will show the lender made legal mistakes? Our housing market is a bubble waiting to burst...again.

  2. The lenders are in no hurry to resolve the foreclosures.

    Bob, the truth is the lenders were given no time line. So we will have this issue continue until our lawmakers put a deadline on the bologna the lenders have created with not closing the foreclosures.

  3. The data used for this report might show an upward trend, but Zillow has shown our value (along with all of them in general in our tract) has been going down for the last few months. I'd agree that it looks like a bubble is getting ready to pop again.

  4. There is no bubble, it is a market adjustment going the other direction. We are still about 30% undervalued for our historic 3% appreciation rate.

  5. My house value is trending up the past 3 months according to Zillow... But I am in the far corner of the Southwest of Las Vegas (S. Durango and Blue Diamond). Another house that we have is also trending up (a whole lot faster) and is located near S. Durango and Spring Mountain (these locations are not exact for obvious reasons). Don't know why Boftx's house is going down, his house is larger and better built than either of the houses I mentioned. And his house is newer than one house by 15 years. Go figure.

  6. Builders: Please consider some sensible condo or small house developments. We Boomers are down sizing. We want single story (all on the ground floor) units with garages and back yards. We want common walls, not endless windows, to go green. Forget the double sinks and put in LARGE showers and tubs--maybe even walk-in tubs. Many of us are NOT destitute so we're talking 1100-1200 condos with two LARGE bedrooms, 1 1/2 or 2 baths, over-sized 2-car garages. Not so much of the vaulted ceilings but maybe in the living area. Buy land near bus lines, groceries, C-stores, retail. We'd like to age gracefully. Right now, many of us like to walk to pick up a few groceries. Many of us still drive. But, we can see the day when we won't be walking far and maybe later not driving. If we live reasonably close to a movie theater, corner casino, (but not close to the schools) restaurant, grocery....our lives will be fuller. So guess which house / condo we're gonna buy.

  7. that would be 1100-1200 square feet.