Las Vegas Home Prices: Have they risen too high to buy or sell?
Well, the Review Journal has said it, “Las Vegas home prices have furthest climb to regain peak.” Wahat does this mean for you? A personal analysis has shown that Las Vegas home prices reflect well on the Case-Shiller Indices for value which provides support, along with this article, that we are still in a good time to buy. Further analysis indicates that the Las Vegas market has only 2.6 months of inventory (July 2016, GLVAR MLS), with a steadier market being closer to 4-6 months of inventory, providing that now could also be a great time to sell as sellers could get more than the market value while still remaining of a good value for buyers. To support this, the article also refers to “Las Vegas being the fourth-best metro area in the country for homeowners.” Check it out now:
Las Vegas home prices have bounced back in recent years, but Southern Nevada’s recovery has the longest way to go in the country, a new report shows.
Mortgage-data site HSH.com this week said Las Vegas-area home prices would need to rise 44 percent of current value to regain peak.
That was the widest gap among the 100 metro areas listed in the report, surpassing other boom-and-bust cities including Riverside, California, would take 29.2 percent to regain the peak; Orlando, Florida, would take 25.6 percent to regain the peak; and Phoenix, would take 17.1 percent to regain the peak.
Denver has recovered the most, with prices 53.6 percent above their prior peak, HSH said.
Las Vegas was a poster child for America’s housing boom and bust, and its ranking underscores how bloated prices became last decade, how badly they collapsed when the bubble burst, and how the market overall isn’t moving nearly as fast as it used to — which might be a good thing, given how badly the go-go years ended.
“It is important to note that many markets, even the 10 that have recovered the least, have made significant price recoveries since hitting their bottom values,” the HSH report, released Tuesday, said. “However, home prices in areas like Las Vegas may have been inflated to such a degree that even when they return to a ‘normal’ value, they may still be well below their previous price peak.”
For the full story, visit: http://www.reviewjournal.com/business/housing/las-vegas-home-prices-have-furthest-climb-regain-peak
Source: Las Vegas Review-Journal