The Las Vegas area housing market remains on a consistent trend of healthy sales volumes, rising prices and shrinking inventory. The sustainability of these trends remains in question. Single family closings in the resale market spiked nearly 30 percent from a year ago, while the median price reached $250,000 (+9.1 percent). Availability continued to erode, reaching 1.5 months. The condominium/townhouse market performed similarly: closings up 21.7 percent, prices up 16.9 percent and inventory dropped to 0.9 months. Foreclosure activity remains modest, as housing market conditions have clearly transitioned from recession to recovery. Housing demand is facing supply constraints, particularly at the low-end of the market.
Note: The Residential Resale & Foreclosure Report is a monthly publication of SalesTraq that is provided on a complimentary basis to our clients and colleagues