Las Vegas Housing Market far from ‘Warm and Fuzzy’

Home Sales

With home sales, construction, and prices going on rather “disappointing” rates, the Las Vegas housing market for 2015 may not be what people are hoping for.

“It is hard to feel warm and fuzzy about the 2015 housing market in Las Vegas,” Home Builders Research President Dennis Smith said in a recent report.

In November of 2014, builders sold a total of 548 new homes in Southern Nevada last month, that brought the year’s tally to 5,396, down 20 percent from the same period in 2013, according to Las Vegas-based Home Builders Research.

The median price of last month’s closings was $295,000, down less than 1 percent from a year ago.

The permit total “was again a disappointment,” the report said, as builders pulled 379 new-home permits in November. That put the year’s tally at 6,126, down 7 percent year-on-year.

Home sales dropped dramatically thanks to credit woes, flat wages, and sticker shock.

However, the close of 2014 was still better off that during the depths of the recession when prices plunged, constructions was almost nil, and foreclosures riddles the area.

“Although the 2014 annual housing numbers were not as good as most had hoped,” Smith said in this week’s report, “it could have been worse.”

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