If you have tuned in to any broadcasts, or read any media sourced publication over the last week, it has been almost impossible to avoid the news of Hurricane Sandy. Pummeling her devastation and destruction throughout portions of the US, Sandy's damages have neared $50 billion. According to the Consumer Federation of America, hundreds of thousands of homeowners are anticipated to file claims for hurricane damage.
What does this mean for Las Vegas residents, and how does the hurricane housing destruction directly affect real estate in Henderson and Las Vegas, Nevada? Before Hurricane Sandy, many areas of the country had reported home sales have been higher in 2012 (overall), as compared to 2011. According to the National Association of Realtors, September 2012 saw existing home sales (nationally) up 11%, and pending home sales were up 14.5%. Rising home prices have encouraged growth within the real estate market and the economy, as well. However, due to Sandy, the beginnings of real estate recovery will recede.
Chief economist of the National Association of Realtors said, "This will certainly create a negative in the short term…we clearly anticipate a slowdown, but it will be temporary."
This temporary set-back will undoubtedly affect home sales in Las Vegas and Henderson, as well as those who have been hit directly by the destruction from the hurricane (on the East Coast). Real estate in Nevada is not only directly influenced by local economic conditions, but is also touched by what is happening on a national level.