What economic indicators are positively impacting the Las Vegas housing market?
As one of the residents of the greater Las Vegas area, you are in luck. Numerous factors indicate the local economy is improving. Home sales and prices are slightly below last month’s levels, and more jobs are being added to the market. Check out the MLS listings in Las Vegas for a property that could soon be your new dream home.
Affordable housing opportunities
Home sales in the Las Vegas area decreased for the month of April 2012 compared to the previous month. According to DataQuick, 4,409 new and resale homes and condos closed escrow in the Las Vegas-Paradise metro area. This is down 12.2 percent from the prior month and 1.8 percent in a year-over-year comparison. The decreased number of home sales has resulted in high inventory levels.
In addition, home prices have also fallen based on the type of property you are trying to buy. While the median sales price for all homes on the market increased 2.5 percent, the median sales price for a resale house in the greater Las Vegas area decreased in a year-over-year comparison. In April 2011, the median price for a resale house was $125,000. One year later, median prices decreased 1.9 percent to $122,676.
These housing market indicators signal affordability for many area residents. When sales rates are down, potential homebuyers have greater leverage in negotiations and can often achieve a lower closing price.
While you are finding an affordable dream home, you may also be able to get your fantasy career. According to Metrostudy, the Las Vegas job market is showing improvement, as the unemployment rate for the area decreased to 12.1 percent in April.
"Job growth has been elusive over the past three years but continues to remain positive through February, adding 2,200 jobs," said Greg Gross, director of Metrostudy’s Las Vegas Region.
The new jobs added in the first quarter of 2012, follow the 15,300 jobs added in November 2011. As more employment opportunities are created in the greater Las Vegas area, you and your family could make strides toward a more positive financial outlook.