Study: Las Vegas has hottest housing market in nation; removes Seattle from top spot
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LAS VEGAS - For the first time in nearly two years, Seattle is no longer the top spot in the nation to buy and sell a home. Why? Because Las Vegas is now the hottest housing market in the country.
"It makes sense that we are overtaking them," said David J. Tina, ex-president of the Greater Las Vegas Association of Realtors (GLVAR).
"We have a lot of buyers, a lot of people who are buying houses," said Ron Hbda, a home builder.
Tina says while Las Vegas is a hot housing market, the valley's median home price is stabilizing at about $290,000.
"To give you some context, at our high we were at in 2008, $315,000 median price.
Currently, homes in the Las Vegas valley are 12 percent above what it was at this same time last year. So, what's causing the rise?
One of the reasons is that one out of every three buyers is from California.
"Number two: We just have a shortage of houses compared to the population so regardless of what the economy is there's not enough beds so that's why you are seeing apartment homes being built," Tina said.
The third reason is that there aren't enough new homes available for purchase in the Las Vegas valley area.
"We're sold out, and stuff we sell pretty fast in our communities," said Hbda.
"So if you're looking at a curve they're at the height," Tina said.
According to Tina, during the recession, Las Vegas valley home prices went so low, there was room for them to go back up, whereas Seattle is doesn't have much more room to grow in price.
Tina also says this summer has been flattening out but it's normal and we should see the market ramping up in September and October.
Courtesy of Las Vegas Now