Nevada’s housing market troubles are nothing new for residents of the state. It seemed like there was never going to be any good news reported anywhere in the state as it pertains to housing. Even now, there are still some news stories that aren’t making many people happy.
Let’s break that string with this news; home prices are going up, even though the federal tax credit has ended. It seems that there have been buyers for pre-existing homes, and that’s reduced the inventory of available homes enough so that prices have gone up 4.4% from March 2010 and 0.2% from April of 2009. That’s the first year-over-year increase in prices since 2007, as reported by the Greater Las Vegas Association of Realtors.
Not that all news was good, as the same group reported that sales in April fell 7% compared to March and dropped nearly 8% compared to April 2009, the first drop off in the year-over-year sales is the first since March 2008. However, some believe that might signal good things also, as it might reflect the decline of foreclosures in the market.
Many more buyers are looking at either new homes or homes that are available because of short sales, and that’s not a bad thing. Short sale homes are often in better condition because the owners will usually live in the homes until the transactions are complete, rather than abandoning the homes and leaving them without anyone providing upkeep.
Even with the end of the federal tax credits it’s a great time to buy a new home in Nevada, especially in the Las Vegas area. Lennar Homes, one of the top home builders in the country, just announced that they’re reducing the prices of homes around the Las Vegas area up to 15%, while Toll Brothers had previously announced that they’re building smaller homes in Las Vegas to make them more affordable for homebuyers.
See also:
New Home Builders in Las Vegas
Nevada Rural Housing Authority
Mitch writes on real estate, finance, and many other things. 
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