Housing stats show that buyers are buying more homes than last year. Why? 45,000 jobs are being added in 2015. Construction, consumer spending, financial services, and tourism are leading job growth sectors this year.
Nevada Estimations on new job growth:
2015 - 45,000
2016 - 52,000
2017 - 60,000
"Essentially every private-sector industry but mining and, to some extent, financial services, is showing noticeable growth," said Bill Anderson, chief economist of the state Employment, Training, and Rehabilitation Department. "So the kind of job growth we're seeing is much more substainable than what we were seeing before, when so much of our growth came from two sectors."
The Economic Forum showed Nevada payrolls added 34,100 jobs since last March. By mid 2016, Nevada will return to nearly 1.4 million jobs with a more diverse job market than pre-recession. The mix of industries includes healthcare, retail, and manufacturing.
There are billions of dollars planned for development in the next few years that will fuel the economic growth.
Of course the forecast is just that: a forecast. There are world wide conditions that could weaken economies in Europe and China. The strong dollar could effect visitor volumes and spending. The consumer confidence is key in the USA.
Here is the scoop on the 1st Quarter Las Vegas Market.
With the economic growth and strong job numbers, the housing market should continue to grow. The 1st quarter is already reflecting improvement.
With low interest rates and affordable prices at a median of $192,000, the re-sales are selling with multiple offers. The short sale buyers that were displaced because of being upside down are now eligible to buy again. First time home buyers are taking advantage of FHA loans with 3.5% down. Definitely a mortgage payment is less than renting. The mortgage on $192,000 would be $901.32 principal and interest.
As of May 5, 2015 -
Available without offers:
Single Family Homes - 7,126
Condominiums - 1,224
Town Homes - 609
Contingency offers over all - 6,078
Pending offers over all - 997
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