The Las Vegas Housing Market is Strong

While 2016 was a good year for the housing industry, with housing starts up 5% from 2015, 2017 is on its way to being even better. Job growth is fueling population growth, which is fueling housing demands. According to Realtor.com, even though interest rates have been rising, causing mortgage rates to increase, housing demands are still high, especially in hot markets like Las Vegas.

In fact, the Greater Las Vegas Association of Realtors says the Las Vegas real estate market saw moderate price growth even during the slower winter months, which is a good sign for the stronger spring and summer selling seasons. “We continue to see a strong demand for housing,” reveals GLVAR president David J. Tina. “Combined with a tight supply, I think our home prices and home sales may continue to get a boost from the positive economic news we’ve been enjoying.”

Real estate experts also point out that though rates are rising, mortgage credit will become easier to obtain due to slightly loosened lending standards.

All of this is strengthening the Las Vegas housing market. As the Las Vegas Business Press found when they surveyed a wide variety of business and economic leaders in January, optimism is truly the watchword. From tourism and gaming, to banking and health care, and housing, they all predicted that 2017 will be a banner year for growth, new projects, and economic success.

As Larry Canarelli, Founder of American West Homes concludes, “Everything we’re seeing shows a stronger economy and shows us moving in the right direction and we’re happy to be building so many new homes for so many great families in an amazing city.”

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