Las Vegas Housing Market Hits January Jackpot – NMP Skip to main content

Las Vegas Housing Market Hits January Jackpot

Phil Hall
Feb 08, 2017
This year got off on the right foot for the Southern Nevada housing market

This year got off on the right foot for the Southern Nevada housing market, as the Greater Las Vegas Association of Realtors (GLVAR) reported a relatively rare January jump in home prices.
 
According to GLVAR, the median price of existing single-family homes sold during January through its Multiple Listing Service (MLS) increased to $238,000, an 8.7 percent year-over-year spike from the $219,000 level set in January 2016. Median home prices saw a relatively sedate 1.3 percent increase from.
 
There was a mixed return for the condo and townhome market: the median price for this sector in January was $113,500, up slightly from December but down 5.4 percent from one year earlier.
 
The total number of existing local homes, condos and townhomes sold in January was 2,675, up from 2,348 in January 2016. When compared to the January 2016 data, last month’s sales were up 14.1 percent for homes and up 13.2 percent for condos and townhomes. Furthermore, the GLVAR reported that a total of 41,720 such properties were sold in 2016. In 2015, 38,577 properties were sold.
 
Even the distressed home sales sector showed evidence of a strengthening local market: 4.2 percent of all local sales in January were short sales, down from seven percent one year earlier, while 6.8 percent of all transactions were bank-owned sales, down from 7.9 percent in January 2016. And 29.8 percent of all local properties sold last month involved cash sales, down from 31.1 percent one year earlier.
Published
Feb 08, 2017
Blend Labs Has Cut 420 Jobs Since April

The 25% reduction of its workforce comes as it posts $478 million Q2 loss.

Industry News
Aug 17, 2022
UWM Now Offering Temporary Rate Buydowns

The temporary buydowns will lower borrowers’ interest rates by up to 2% for the first two years of a mortgage. 

Industry News
Aug 17, 2022
Rocket Mortgage Teams With Santander Bank

Rocket's mortgage services now available to Santander's U.S. banking clients

Industry News
Aug 16, 2022
Ameris Bank Commits $10M To Help 1st-Time Homebuyers

The Ameris Down Payment Grant Program will help eligible first-time buyers with down payments and closing costs.

Industry News
Aug 16, 2022
Competition Now Highest For Lowest-Priced Homes

In reverse of pandemic trend, competition for mid- and high-priced homes not as white hot among buyers.

Analysis and Data
Aug 16, 2022
Impac Mortgage Slashes Staffing Levels By 48%

From 330 in 4Q 2021, headcount now stands at 170 for California lender

Non-QM
Aug 15, 2022