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Showing Signs of Recovery
By Stephen Roberts | October 24, 2009
The housing market here in Las Vegas and Henderson has shown signs of improvement in almost every category in the past month of September. The median existing home price rose an astounding $3,500 from the previous month of August. The median price is still down a total of 33.7 percent from a year ago, but many analysts believed that the prices have bottomed out.
New homes sales also increased to 459 in September, a thirty home increase from the previous month. The median home prices of new homes are now at $210,877, down from $211,350 in August.
We have yet to see the much anticipated new wave of foreclosures hit the market. Some analysts have estimated that we may see somewhere between 20,000 and 30,000 new foreclosed homes hitting the market.
Two demographic groups are expected to continue to drive sales up here in Las Vegas and Henderson. The first of which being the 40 to 50 million “baby boomers” who soon may be looking for homes in active adult communities around the valley. The second demographic is Generation Y, the population that was born as early as 1978. Many have not had their savings wiped out and many will also qualify for the first-time homebuyer tax credit.
Topics: Henderson Nevada Homes, Homebuyer tax credit, Investment, Las Vegas Nevada Real Estate, Southern Nevada Monthly Economic Update, Summerlin Nevada Real Estate, foreclosures | No Comments »