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Deeper Look at Las Vegas Home Price Changes

Exploring the variation in home prices
Posted by John McClelland on June 22, 2018 in No Category
Today’s real estate headlines are full of questions and declarations about Las Vegas’ tremendous home price growth over the past year. The widely followed S&P/Case-Shiller index is up 12.4% year-over-year (measured in March due to reporting lag) while the median single family home has risen by eighteen percent (measured in May). This price velocity is fascinating, however, the real estate market is a market of many markets since housing is heterogeneous and spatial in context. Not all housing typ... read more
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Why Are Home Prices Rising?

Posted by Tamara Foote on June 22, 2018 in No Category
Today’s real estate headlines are full of questions and declarations about Las Vegas’ tremendous home price growth over the past year. The widely followed S&P/Case-Shiller index is up 12.4% year-over-year (measured in March due to reporting lag) while the median single family home has risen by eighteen percent (measured in May). This price velocity is fascinating, however, the real estate market is a market of many markets since housing is heterogeneous and spatial in context. Not all housing typ... read more
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Is Las Vegas Overvalued? We Dare Say

Posted by Tamara Foote on May 24, 2018 in No Category
May 24, 2018 Dear Ms. Sharf: Re: Forbes May 14th, 2018 – Most Overvalued Housing Market Please pause to consider some important alternate facts. Firstly, the Las Vegas unemployment is way down, not up. Secondly, our housing market is healthy again having rebounded strongly from the lows in 2009-10. Contrary to Fitch’s assertion, we see the current local market fundamentals as far different from those of the recent boom-bust. Today’s positive economics are based on conventional and sustainable val... read more
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Home Prices across the country continue to increase

Posted by Tamara Foote on May 18, 2018 in No Category
Currently, there is some debate as to the sustainability of home prices in Las Vegas and other areas. Strong price increases alone do not indicate overpricing. Instead, we have to look at the market as a composite of events, including rents, potential drivers of employment and importantly, supply. We took a look at some fundamental measures of values, prices relative to rents and prices relative to incomes. Prices and rents have been rising meaningfully in the last couple of years, however, prices have been outrunn... read more
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Single Family Home Price Changes Over Time

video illustration of home prices
Posted by John McClelland on April 18, 2018 in No Category
Improving local fundamentals, which include job growth, population growth and strong visitor volume, is helping to cause effective demand for housing in Southern Nevada. Additionally, the market remains a key destination for retirees and snowbirds.  Las Vegas has gone from boom to bust to something that looks more like normalization. Demand factors like employment are back above pre-recession highs and population is about 2.25 Million, implying a demand for at least 830,000 housing units and likely more. Ho... read more
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