LAS VEGAS HOUSING 2017 YEARLY REPORT
Dwindling supply has helped prop up prices; single family homes experienced a median of 19 days on the market.
The Las Vegas housing market ended 2017 better than it started. Most notably, the median resale home price jumped 17.8 percent on the year, reaching $238,000 in December.
The volume of resale closings has remained elevated with over 49,200 transactions in 2017 – an increase of 4.9 percent from 2016. While not all potential buyers were successful in the resale market, many have turned to the new home market to identify properties that meet their specifications. Builders closed on over 8,700 homes in 2017, representing a 10.1 percent increase.
With over $18 billion in major projects either under construction or on the drawing boards, the expectation is that these activities will pay dividends in the housing market by driving population and employment forward.
The latest performance by the equities markets – reaching all-time highs – certainly doesn’t hurt.
The majority of signals all appear favorable
