Las Vegas Summer Home Market Heats Up

LAS VEGAS - July 14, 2016 - PRLog -- A new report shows that Las Vegas home prices rose last month from May and sales climbed even faster. Homebuyers picked up 3,248 single-family homes, up 20 percent from last month and 6.3 percent year-over-year.

In the greater Las Vegas area, the median sales price also rose slightly suggesting that home price values are only getting stronger in a more stable way, opposed to the quick rise in prices seen by Las Vegas homeowners before the recession.

According to a recent article, President of Home Builders Research in Las Vegas Dennis Smith said that any growth in this market is good, even if it's not growing at the rate of some metros such as Seattle or Portland, because Las Vegas' market suffered more than other metros in the recession.

"We have much more recovery to do than any other city in the country," he said. When asked about comparing the Las Vegas market to other hot markets, he replied, "We've been there, done that."

The median price for Las Vegas homes reached $315,000 in June 2006. In its latest report, the Greater Las Vegas Association of Realtors, said that the median price of existing single-family homes sold in Southern Nevada in May hit $229,250. The market's bottom median price was $118,000 in January 2012.

Shrinking inventories of homes for sale have boosted prices, while a healthy job market and historically low mortgage rates have kept demand from potential buyers strong during the spring months associated with the highest volume of sales.

The number of listings has fallen 5.7 percent from a year ago, the National Association of Realtors said last week.

For the full story, visit http://www.reviewjournal.com/business/housing/us-home-prices-climb-april-7-cities-set-new-records.

For more information and a complete list of Lennar's Las Vegas communities, visit http://www.lennar.com/lasvegas.

With hundreds of communities nationwide and homes designed for first-time, move-up and luxury homebuyers, Lennar has grown to become one of the nation's leading and most respected homebuilders and proudly remains steadfast in their commitment toward quality, value and integrity. Lennar has a longstanding history of building exceptional homes in only the most well planned and desirable locations throughout the country.