The Southern Nevada economy continues to expand, and the population base has responded accordingly. An influx of new residents has helped bolster demand in the housing market.
With strengthening conditions experienced throughout 2017 expected to continue, similar housing supply-demand dynamics are likely to follow.
In October 2017, single family prices jumped 13.4 percent compared to last year, and the number of closings were also up 13.4 percent from 12 months ago.
Effective availability fell to 1.7 months (down 40.5 percent).
The number of notices of default spiked in October as regulatory and filing fee changes adjusted, but the impacts of foreclosure activity overall appears to be an issue of the past.
Resale market information in this publication is sourced to the Greater Las Vegas Association of Realtors® based on transactions reported in the Multiple Listing Service (MLS).
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Berkshire Hathaway HomeServices, Nevada
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