Drive around the valley and the signs are there: wooden scaffolding, construction, and mounds of dirt. They’re evidence of housing development and more home are going up.
The new homes will really help make “home for the holidays” more possible for some buyers as prices continue to drop.
According to a new report home prices continue to decline as we get closer to the end of the year, but they’re still a little bit more expensive compared to this time last year.
The median price of single-family homes sold last month was about $260,000, according to the Greater Las Vegas Association of Realtors. The median price of condos and townhomes sold last month was about $140,000’s.
GLVAR also reported the demand for homes continues to exceed the shrinking the supply, making home-buying an even longer process for some people.
“We’d be happy if we were able to lockdown something. When you’ve been a previous homeowner, there are things you are looking for. You’re a little more particular than a first-time homeowner who doesn’t realize that ‘hey I didn’t really like the closet that way and that’s what I’m going to look for next time.’ So, we’re a little pickier,” said Vangie Jackson, homebuyer
Despite prices being a bit more expensive than this time last year, GLVAR reports that homes and condos are still selling faster than last year.
It’s a trend that could move even faster as these developments are completed.