Encouraging News: Boost in New Home Sales Shows Las Vegas Market on ‘Steady Upward Trend’

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Undoubtedly, homeowners in Las Vegas get just a bit nervous whenever the terms “bubble and burst” are mentioned after the roller coaster ride with past housing prices. However, home sales and prices are both on the rise again at an encouraging slow steady rate. Although, Southern Nevada still has a considerable number of homes underwater, the rise in property values is easing the strain for those in an upside-down home.

After six years, Las Vegas residential home prices have been inching up steadily, which is encouraging for the economy and homeowners. All indications so far, look promising. Much of the steady rise in sales can be attributed from institutional investors paying cash for inexpensive homes.

In July 2015, the median price of a home was selling for $218,000, which is a 9 percent increase from a year ago. Townhomes and condominiums also saw an increase of 8.5 percent during this time.

Rising building permits are another key indicator that home sales are pulling out of the slump. As of July 2015, builders’ sales rose 12 percent over 2014 sales.

The steady increase in sales may be attributed to lower interest rates and buyers jumping on smaller home down payments. Regardless of the reasons, homeowners are delighted to hear the boost in new home sales shows Las Vegas market on ‘steady upward trend’.

If you are looking for a house in the Anthem Hills area, contact your local Windermere agent today to see all of our available houses and start living the life of luxury.

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