Home prices in Las Vegas saw a jump, despite economic challenges but not at the rapid rate they did during the boom, and that may provide a better marketplace for real estate, according to a new report by HousesForSaleinLasVegas.com
As the local economy improves, the real estate collapse is in the rear-view mirror for most Las Vegas residents, a distant memory of a weaker regional economy with streets and streets of homes left empty. Las Vegas metropolitan home prices rose an average of 6.5% through September on a year-over-year basis, according to CoreLogic, a real estate data firm that tracks the market. Las Vegas home values have increased 31 straight months.
Unemployment has improved subtantially, helping to push the local economy back into healthier territory. Providing more consumers with jobs eventually translates into more home owners since working people qualify for mortgages to buy homes.
However, the median price for a Las Vegas home dipped below $200,000 for the first time in months in October, signaling changes in the local housing market. Flucuations in home values have been expected to develop as the Las Vegas home market recovers, despite near record low mortgage rates and other challenges. The recovery from the worst collapse in real estate in local history is expected by real estate analysts to take a number of years.
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