Las Vegas Housing Update

 

The Las Vegas Review Journal has published its monthly Market Report for the Las Vegas area.  It was reported that Clark County increased its population by about 5,500 residents in June, which is an increase of 18% from the previous month.  The number of people relocating to Clark County has declined 16% from 2007, but Las Vegas relocation is growing again.  With Las Vegas real estate prices still falling, this is a great time for homebuyers who are relocating to Las Vegas, North Las Vegas and Henderson!

According to the Center for Business and Economic Research, the number of existing home sales increased to 2,731, which is almost 5% higher than the previous month; new home sales totaled 777 for the month, which was also an increase.  The number of existing homes reflects the large inventory of foreclosure properties in Las Vegas; it is great to see some of that inventory being absorbed, which will help stabalize the real estate market in Las Vegas.  We do not anticipate the end of the foreclosure crisis until late 2009, or early 2010, at which time prices on resale homes will definitely begin to increase.

Business, Gaming and Tourism

The Nevada Dept of Employment, Training and Rehabilitation reported that the unemployment rate for Las Vegas increased to 4.8%, which is still lower than many other large cities.  Natually, the construction industry’s loss of jobs in the real estate market decline has contributed to the unemployment numbers. The Center for Business and Economic Research Clark County Business Activity Index increased by .71% last quarter.  This index consists of indicators of the overall state of business in Clark County.  This index includes gross gaming revenue, nonfarm employment and taxable sales.  Gross gaming revenue declined due to the drop in tourism over the past quarter. 

The Review Journal “FUN FACT” –  The Consumer Confidence Index increased from the previous month.  The Expectations Index, which measures shoppers’ outlook over the next sx months increased by 2% last month.  This is a great indication of the overall economy in Las Vegas; it is still true that “when the going gets tough, the tough go shopping!.”  We are all optomistic as to the Las Vegas economy.  We expect the real estate market to continue to improve, construction to resume on large mega resort properties and luxury condominiums…and for the Las Vegas economy to thrive!  For any further details from this or any other economic report for the Las Vegas area, call Las Vegas Properties at 1-888-876-8383 or email terrilvp@cox.net. Read the rest of this entry