Posted on June 29, 2015 - 08:57 PM
by Joe Iuliucci
LAS VEGAS HOUSING DATA BOUNCE BACK IN MARCH 2015
Sales and Pricing Up from February
THE BOTTOM LINE...The southern Nevada housing market experienced increased demand in March 2015 as compared to the first two months of the year. Sales volumes were up in both the new and resale segments of the market, and pricing levels moved north. The number of new home closings totaled 602 and another 3,803 resale homes transitioned to new owners. From a pricing standpoint, median values in both segments improved from February and remained ahead of the prior year. Average pricing in the resale market reached $140.50 per square foot, which was up 9.9 percent from the prior year. The improving mix of homes sold contributed to the overall gains - short sales accounted for a modest 6.9 percent of resale activity and bank-owned property sales equated to 6.5 percent of closings. When excluding these distressed sales (along with auction sales), the median price of non-distressed resales pressed to a post-recession high of $185,500. The improving mix signals increased stability is likely on the horizon. While the pace of the upward price movements is expected to slow, the market appears to be settling into a more normalized pace of activity and price appreciation. Watch for these trends to continue in the coming months.
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New Home Closings: During the month of March 2015, a total of 602 new homes closed, which was 32.6 percent ahead of the prior year. Through the first three months of the year, the number of new home closings is up 12.7 percent.
New Home Pricing: Pricing within the new home segment also trended north as the median value reached $310,000 (+7.4 percent on the year). Additionally, the average price per square foot hit $140.50 (+9.9 percent).
New Home Supply: The number of new home permits approved for construction by the various jurisdictions rose to 781 in March. The latest monthly count was up 47.1 percent from March of the prior year. March represented the second consecutive month of year-over-year growth in permitting activity.
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EXISTING HOME HIGHLIGHTS
Existing (Resale) Home Closings: The number of resale closings rebounded in March to 3,803, which was up from 2,916 in February. Through the first three months of the year, the number of resale closings remains down 5.9 percent.
Existing (Resale) Home Pricing: The median resale price reached $178,000 (+8.5 percent year-over-year) and the average price per square foot reached $118.79 (+11.8 percent).
Resale Availability (MLS Listings): The count of homes listed as available in the MLS has remained in a tight range (9,024 in March), but effective inventory fell to 2.8 months as the number of sales rose.
Bank Foreclosures (Repossessions): A total of 186 foreclosures were recorded in March 2015.
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