SalesTraq | FastFacts | September 2016

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STABILITY IN THE LAS VEGAS HOUSING MARKET CONTINUES 

Sales Volumes Up and Prices Rise Through September 2016 

THE BOTTOM LINE...Through the third quarter of 2016, the southern Nevada economy has demonstrated its ability to continue to expand. With population and employment growth remaining relatively strong, demand in the Las Vegas area housing market has followed suit. In the new home segment, sales volumes are up 13.9 percent on a year-to-date basis when compared to the prior year, and the median home price edged up 1.9 percent to $328,036. Forward-looking activity appears to be trending positively with new home permits up 12.8 percent through the first nine months of the year. In the resale segment of the market, closings are up 5.8 percent on a year-to-date basis, while price points rose 7.4 percent compared to the prior year. Importantly, distressed activity in the market continues to subside. The count of properties foreclosed on by banks has been trending downward, and the mix of properties sold is improving. The latest data suggest that approximately 90 percent of resale closings were considered non-distressed, that is to say 10 percent of activity comprised auction sales, REO sales and short sales.  Additionally, fewer borrowers remain underwater and the number of loans that are past due continues to shrink.  On the supply-side of the equation, inventory in the Multiple Listing Service (MLS) has remained fairly consistent and below three months of effective availability. The latest market activity is encouraging, and increased stability is anticipated in the final quarter of the year. 

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