Boost in new-home sales shows Las Vegas market on 'steady upward trend'

According to the latest Home Builders Research report, Las Vegas builders continue to sell more homes than last year with 3,576 sales so far this year. Last month alone, 583 new homes sold in Southern Nevada with a median price at $305,928 - up 5.4 percent from last year.

Builders are also pulling more new-home permits, with 4,810 so far this year, up 15.5 percent from the same time in 2014.

The Las Vegas new home market is on a steady upward trend. Although we may still be months or even years away from a 'normal' housing market, the slow trek upward as opposed to a rapid pace suggests a more stable and healthy recovery.

Southern Nevada still has one of the highest rates of underwater homeowners in the country. However, local homeowners have steadily escaped upside-down status over the past few years as a result of rising property values.

According to Home Builders Research founder Dennis Smith, "The glass certainly appears now to be 'half full'" rather than half empty.

Shawn & Kyle Cunningham
Cunningham Group at RE/MAX Advantage
(702) 823-0855 Shawn
(702) 823-0840 Kyle
Source: VEGASINC.com
Photo: LE. BASKOW