Las Vegas - Signs Of Stabilizing
The Las Vegas housing market is showing signs of stabilizing. Watch this video with Lawrence Yun, Chief Economist for the National Association Of Realtors, report on the current market and what you can expect in the next 6 to 12 months.
LAS VEGAS MARKET STATS
Simply stated the Las Vegas housing market is on par with 20 other cities that are monitored by SP/Case Shiller.
That is good news as Las Vegas recovers from the epicenter of the foreclosure market.
The stats show an increase in prices over last year of 8.1% in 20 cities. Las Vegas prices have increased between 8% and 9% since 2013.
RESALE MARKET STATS
The median price of resale homes and condos for July was $175,000. That represents an 8% price increase from last year. The sales for July totaled 3,814. Our year to date total of sales is 22,540.
NEW HOME MARKET STATS
The median price of a new home in all product types was $290,000 in July up 9% from last year. The new home sales for July totaled 499. There were 3,203 new homes sold year to date.
THE PAYMENT DIFFERENCE
Buyers buy with the monthly payment as their guide. Sellers usually sell for price. The increase is good for Sellers and not so bad for Buyers. Here is an example of the monthly difference in payment for the Buyers due to the 8% increase in price from 2013 to 2014.
The monthly payment (principal and interest) for a median priced resale at $175,000 based on 20% down and 4.3% interest is $49 per month more this year versus last year. The monthly payment for a median priced new home at $285,000 based on 20% down and 4.3% interest is $96 more per month this year versus last year.
Check out your buying power on my Mortgage Calculator.