Nevada’s housing market remains in the spotlight of real estate news, with the Southern Nevada market showing some of the strongest levels of consistent growth.
According to a recent report, co‐presented by the Lied Institute for Real Estate Studies at the University of Nevada, Las Vegas and the State of Nevada Department of Business & Industry, all three regions in Nevada saw decreases in both new and existing home sales.
Based on January, 2015 statistics, existing home sales in Nevada decreased by nearly 10 percent and were the lowest they had been since 2008. New home sales decreased by nearly 5 percent, but are still up 3 percent year over year. The share of homes sold under distress in Nevada increased by 2 percentage points. However, this large increase was a result of the decreased number of home sales, not an increase in REO or short sales. The total number of REO sales remained unchanged in January and short sales saw a 24 percent decrease throughout the month. Additionally, average new home prices in Nevada continue to increase as Southern Nevada continues to see consistent growth in average new home prices. At $336,607, average new home prices in Nevada are the highest have been since June 2008.
Here is some additional information about the Southern Nevada housing market: