Las Vegas Home Prices Rose In July Then Dropped Slightly
Las Vegas, NV, September 12, 2014 (Newswire.com) - As the real estate market continues to reestablish itself, Las Vegas residents are seeing a fluctuation in home prices. In July this year, home prices in the US rose, but since then prices have steadily dropped.
Home prices in the nation were up 7.4 percent from July 2013. This is much lower than the 11.9 percent jump from February 2013 to 2014.
Even though the prices have dropped slightly, it’s nothing to concern potential sellers. With a 30-year fixed rate at 4.1 percent, Las Vegas is at a record low for mortgage rates. Even the number of homes for sale has increased in the last two years. The larger supply means there isn’t bidding wars to inflate the prices.
With more affordable homes, the housing market has continued to recover this past year. Construction of new homes fell because buyers are more likely to purchase used homes for the better price. Sales of used homes have been the strongest within the last nine months.
Throughout the nation, 49 states saw a rise in home prices in 2014. Arkansas was the one state that prices had dropped from the previous year.
Even though home prices are starting to taper off, overall in Las Vegas the prices are up 10.6 percent from the previous year.
Consumers are receiving mixed signals regarding current housing market trends. Though it seems to be a seller’s market, home construction has jumped 15.7 in July. Developers are breaking ground on new masterhome communities and apartment complexes. Because new home sales aren't doing so well, residents probably won’t see much new construction in the near future.
For more information about the housing market, contact John Stevenson Real Estate at 702.274.4606. Visit their website at www.JohnStevensonRealEstate.com or in-person at 8363 W. Sunset Rd, Suite 100, Las Vegas, NV 89113.
