Homebuilder confidence is improving nationally, reaching a 7-year high. The sentiment also applies to the local market in Las Vegas.
Local building indicators are spiking upward, too…Area builders closed on 650 units in April, up 85.7 percent from sales in April 2012, according to research firm SalesTraq. The market’s 2,240 closings from January through April were 86.8 percent ahead of the pace a year ago.
Statistics appear to justify that confidence. Single-family construction was up 16% and permits for single-family homes were up 11% in April 2013 compared to April 2012.
Home values in Las Vegas increased by 28% in the last year, the most of any metropolitan area.
Overall positive news for construction in Las Vegas.