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Things looking up for the Housing Market in Las Vegas
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Things looking up for the Housing Market in Las Vegas

May 23, 2016 08:31 AM

Local real estate experts say they’re starting to see signs of stability in the Las Vegas housing market and many homeowners see these things looking up for the Housing Market in Las Vegas.

According to the Greater Las Vegas Association of Realtors, a little more than 3,000 homes were sold last month in the valley. That’s down slightly from January but up from a year ago.

Additionally, the median price of a single family home sold in the valley last month was about $135,000.

So, could this be the news we’ve been waiting for? Local experts say they’re seeing encouraging signs and things are leveling out. This is much better news than what we were hearing a year ago.

Hetty Chang: The big question: is this the bottom?

Forrest Barbee (GLVAR): Well, if you look at the charts and you look at it trying to form the soft bottom, it certainly looks like it’s trying.

Some national experts claim the housing market won’t stay at the bottom for very long. In fact, some predict that by June home prices will rise as federal housing programs, such as the First Time Home Buyer Credit, expire.

Don’t feel like you have to scramble to buy a home now, however. Barbee believes that here in Las Vegas you will have more time.

“We’re looking to 2010 to be a continuation of 2009 – although maybe with better prices. We saw a 16 percent drop in prices last year so this year if we even (hold) flat or (go) up even modestly, that would be good to hear.”

Barbee also expects less foreclosure sales and more short sales this year. He’s also seeing a lot more cash sales, typically purchased by investors.

Those investors are coming from all over to buy in Las Vegas. Barbee says many are coming from Asia and Canada.

Nearly a quarter of the homes sold in the valley last month were short sales, which usually end up being a better option than foreclosure.

The federal government is stepping in to make the short sale process easier for homeowners and their lenders by way of monetary incentives.

Tuesday March 9, 2010 6:39pm PST
Hetty Chang reporting News3


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