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Local Real Estate Market Update
By Stephen Roberts | July 2, 2010
Housing statistics, released by the Greater Las Vegas Association of Realtors, for the past month have indicated that local home prices have increased for the second straight month. The median single-family home price in Southern Nevada for May was $142,000, which matched April’s home statistics. This is a 1.4 percent increase over this time last year. Not only has the median price for single family homes risen but also for local condominiums and townhomes. Sales in this area are up 2.9 percent from the previous month and up 10.8 percent from the previous year.
The median price of a single family home rising is good news for the housing market. With the prices stabilizing we are now starting to see more houses on the market. If demand stays constant there should not be a lot of problem with the demand keeping up with the increased inventory in the Henderson and Las Vegas Valley.
Many government programs such as the first time homebuyer tax credit have helped raise demand in the housing market. There has also been a large drop in percentage of bank-owned homes in the market. Now the market has turned into a short sale market, with close to 30 percent of all homes sold being short-sales.
For all your Real Estate needs call Steve Roberts at 702-739-4392 or visit my website at www.HendersonRealEstateOnline.com!
Topics: First time homebuyer tax credit, Southern Nevada Monthly Economic Update | No Comments »