Recent news has been good for the housing market in Nevada, which is good news for the local economy. The stories reported by local media outlets indicate conditions are improving.
Home prices have been increasing at a fairly substantial rate, the median existing home price is up to $180,000, a 35.5% increase from July 2012 to July 2013. Those numbers have to be considered in the context of how deep the bottom of the market was that we just recently emerged from.
The median price for a single-family home is still less than 60% of the price when the market peaked before the recession, which means that, even with the impressive price gains, homes might still be undervalued.
New home sales through the first half of 2013 were up significantly from the same period in 2012.
Builders closed on 616 units in June, a 65.1 percent improvement over June 2012.
Through the first half of the year, the market sold 3,570 new homes, up nearly 80 percent from the same period in 2012.
Data from UNLV’s Lied Institute also shows prices and sales are going up with foreclosure activity and distress sales going down.
This study also reveals Nevada is no longer the Foreclosure Capital of the World. In fact, the Silver State is no longer even in the top five in that dubious category.
The housing market appears to be improving, which is a good sign for the economy.