Las Vegas Home Price Increase Leads Nation
As of today Las Vegas home prices are up to 24% according to the Greater Las Vegas Association of Realtors. Short sales have accounted for 45.8% of December 2012 sales and foreclosures sales have dropped to 9.5%. This is no doubt due to our low inventory with less than 4000 available homes without offers in Clark County. What is the price increase due to? Well, record low interest rates, and the most affordable prices in years. Many investors are buying for cash flow as well.
In addition there have been laws enacted such as AB284 making it harder for banks to foreclose, which has suppressed inventory, but there are talks of clarifying those laws and rules as part of a big settlement between the banks and the federal government which could pave the way for more foreclosures and short sales. If this is the case price increases may slow down for a while till we get rid of all the distressed properties, but there is no doubt our economy is on the rebound. Just as Vegas led the nation in price declines, now we lead in price appreciation again.