« August Sales and Prices | Home | Guide to Buying a Fixer-Upper in Nevada »
The “New” Market
By Stephen Roberts | September 18, 2009
Although the median market price of existing homes is continuing to drop due to foreclosure sales, the new housing market is beginning to show some progress. Resales for this year alone are up an astounding 52 percent, leaving the new housing market very little room to breathe. Buyers are realizing that good homes are hard to find in the current bank-owned properties, and many continue to have multiple offers written on them.
This is driving a lot of people out of the foreclosure market and into the new housing market. Many new homes are offering floor plans under $100 sq/ft, which is competitive with the foreclosure market. After looking in the foreclosure market, many realtors are taking their clients and exploring the possibilities in the new housing market. Realtors have found that it is usually a much easier escrow and much less stressful to close on a new house than it would be a bank-owned property.
The median price for a new home recently rose to $210,000, up 1.7 percent from July. It appears as though the new home market is beginning to stabilize in the Greater Las Vegas and Henderson area here in Nevada. It also appears that the California new housing market is also beginning to stabilize. This is a good sign for the housing market here in southern Nevada.
For all your Real-Estate needs contact Steve Roberts at 702-739-4392.
Topics: Henderson Nevada Homes, Investment, Las Vegas Nevada Real Estate, Summerlin Nevada Real Estate, foreclosures | No Comments »