Date: May 8, 2013, 7:22:47 AM PDT
Subject: Survey: Nevada leads U.S. in home price gains
Subject: Survey: Nevada leads U.S. in home price gains
The article, Survey: Nevada leads U.S. in home price gains, from the Las Vegas Review Journal, reports that the Greater Las Vegas Association of Realtors reported a median existing single-family home price of $167,000 in April, up 30.6 percent compared with April 2012. The median for condos and townhomes surged to $85,000, up 41.9 percent. What is more, real estate data provider CoreLogic said Nevada led the nation in appreciation in March, with an annual price gain of 22.2 percent. That is more than double the 10.5 percent national increase. Following Nevada were California, 17.2 percent; Arizona, 16.8 percent; Idaho, 14.5 percent; and Oregon, 14.3 percent. Higher prices filter through the economy in important ways, said Steve Brown, director of the Center for Business and Economic Research at the University of Nevada, Las Vegas. “It starts re-creating the incentive to build houses, and it’s also indicative of the fact that the Las Vegas economy is improving, and people are willing to spend money,” Brown said. Brown said the newest figures also may support estimates of population growth from the Census Bureau, which said in March that Clark County added 19,000 new residents in 2012, the county’s biggest increase since 2008. “If the Census Bureau is right, part of what we’re seeing happen here in the housing market is basically the creeping up of the population beginning to put pressure on the housing market,” he said. Brown called current appreciation rates “fairly sustainable” and said prices could grow significantly for at least the next 18 months. Homebuilders are out of developed lots for new construction, and it could be at least a year before they have more land for subdivisions. The median existing-home price here is still below construction cost. Values would need to jump another 20 percent to 25 percent for building to make sense, he said. A shortage of new-home inventory should help keep a lid on housing supplies, and put upward pressure on prices.Brown estimated the market could gain another 35 percent in its median home value over the next year and a half.
Here is the link to the entire article: http://www.reviewjournal.com/
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