Las Vegas Experiences an Increase in House and Land Prices

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Las Vegas Experiences an Increase in House and Land Prices

This last year has been a whirlwind of price fluctuations in the real estate industry. With cash investors snapping up houses, Las Vegas’ real estate market has been heating up with rising prices and multiple bids for listings. In many cities home prices are rising, but not faster than incomes. Still, steady price increases should help make the housing recovery sustainable and add to economic growth. Higher home prices encourage more people to buy before prices rise further.

If we look at how much prices have increased since the beginning of this year, it is somewhat a rapid spike. In January alone, we see a double digit increase of 15.3 percent in Las Vegas. The ratio of Las Vegas home prices to local income levels was 14 percent lower in January 2013 than in January 2000, compared to a 5 percent increase nationally. In February, at the fastest pace in 4 ½ years, construction of single-family homes rose regardless of local banks putting a hold on new construction loans.

In March, 14 percent of local homes listed went into contract to be sold within two weeks. Some 35 percent of homes nationally were sold that quickly. The number of available homes for sale rose 10 percent being the first monthly gain since April 2012. Even with the gain, the inventory of homes for sale was still 19 percent below a year ago.

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