New home reports show neutral market; it benefits buyers and sellers

Local News
Las Vegas valley

LAS VEGAS (KLAS) — New home value reports are showing what’s trending not only across the United States but also in Las Vegas. Some of the stats claim there was a slight drop in the market, while others say it’s flat or steadily increasing.

“I want to call it a neutral market because we’ve been sitting at $300,000 medium price range for about three months now, so if you’re looking to buy, [it’s a] good time. If you’re looking to sell, [it’s a] good time,” said Thomas Blanchard, the president-elect of Glvar Greater Las Vegas Association of Realtors.

But, there’s no price change for single-family homes around the Las Vegas valley. This is keeping prices flat as more listings become available.

“Our inventory is up, and there are homes you can actually purchase,” Blanchard said.

According to Blanchard, home prices have increased from a year ago.

“We’ve gone up, and then we’ve sort of stabled off,” said Blanchard.

The Case-Schiller Index is one of the various reports coming out this week about the housing market, and it says home prices rose 7 percent between April of 2018 to April 2019 in southern Nevada but indicates, signs of it cooling down

“Case-Schiller gives you a good rear view mirror of where we’ve been because their numbers are lagging behind because they do so much data collection,” Blanchard said.

Zillow says home values slightly dropped in Las Vegas between April and last month.

“A lot of the different conglomerates of the numbers have different ways of figuring those out,” Blanchard said. “Zillow came at a .02 percent decrease, and we were at even par; we’re talking about $60 between a median price range.”

Blanchard anticipates home prices staying flat which could benefit everyone.

“The job market can’t sustain anymore large increases in home values,” Blanchard said.

The stability helps calm some who raised questions about affordability concerns after a steep climb in prices last year.

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