From the article:
A new study shows Las Vegas has once again defied real estate conventions, and the fallout could affect the city’s economy in a big way... Low housing supply has important effects on the broader economy. Too few homes on the market can push up prices dramatically — the median resale price jumped 34.1 percent year over year in April, to $143,500, SalesTraq said Wednesday — and that’s good for sellers, who can get more for their home. It also creates a wealth effect that buoys local consumer spending, as people feel better about their net worth... For buyers, though, surging prices equal lower home-purchasing power and a bigger monthly mortgage payment, which hurts discretionary income. What’s more, stiff competition for a place to live is turning away retirees and others who want to relocate here... That feeding frenzy is especially evident in the midprice tier, where cash investors make up as much as 75 percent of buyers.
Photo: JESSICA EBELHAR