This ARTICLE On Las Vegas Home Prices Hit All-Time High Since Recession Was PUBLISHED On October 10th, 2019
Home Prices are hitting new highs in Nevada.
- Home Prices has been on the rise since 2011 and hitting a record high recently in Las Vegas
- However, median Home Prices are still lower than the national median home prices
In this article, we will cover Home Prices in Las Vegas hitting a pre-recession high.
History On Home Prices
Home Prices is now nearing the pre-recession values. Median Home Prices are just shy $5,000 aways from the all-time home prices before the 2008 Real Estate Crash. The average median home prices in September 2019 for a single-family home was $310,000 in the Las Vegas and surrounding areas. The median Home Prices were $315,000 prior to the real estate market crash of 2008.
Mike Gracz of Gustan Cho Associates said the following:
However, this time, the 3.3% year to year growth speaks volumes, compared to the furious run-up in home prices before the 2006 bubble. This runup has been different. It’s been based on more solid growth, and it’s cooling off, it’s just cooling off to be a more normalized housing market here in Las Vegas. A normal market is 3 to 4 to 5 percent a year, kind of matching the rate of inflation. The slower, more sustainable growth, isn’t the only thing that makes this housing market different than the last time it reached these levels. The 2006 runup, in terms of the housing demand, was really driven by a lot of foolish lending practices that let a lot of people that shouldn’t have bought homes buy homes. There were a lot of flaws in the home financial system. Those have been pretty much fixed. We’ve learned from our mistakes in the past and we’re all doing it right this time, and we’re all doing it correctly. This means homeowners who rode out the ‘great recession’ and stayed put while home prices slowly climbed, are finally seeing some breathing room. If you’re a seller who bought toward the high watermark, you’re probably just finally breathing some air and seeing some light at the end of the tunnel, You’re not underwater.
Homeowners who purchased their homes in Las Vegas near the market low are in a much better position. They have great equity in their homes. Homeowners with equity should not leverage themselves to maximum caps in the event if there is another market correction.
Home Prices In Las Vegas Versus The Rest Of The Nation
Home Prices in Las Vegas have been rising since 2011. However, home prices still lag from the rest of the country. Las Vegas and its surrounding communities is nearing all-time high home prices since the 2008 Great Recession. Las Vegas still remains one of few housing markets that has not seen rise above home prices prior to the 2008 Great Recession. Las Vegas was one of the hardest-hit communities by the 2008 Great Recession and has taken longer than expected for the housing recovery. There are certain states where home values have been dropping. Higher taxed states like Illinois, New Jersey, California had real estate values plunge. Many taxpayers of these high-taxed states are fleeing to lower-taxed states with a lower cost of living like Tennessee, Mississippi, Georgia, Kentucky, Michigan, North Carolina, Alabama.
Gustan Cho Associates Mortgage News will keep our viewers updated as we get more news about this topic.