Las Vegas home sales are improving, slowly and steadily. While there is hope for continued recovery and improvement in the home sale market in Nevada, the real estate market is still in a fragile state.
Just over 1,600 new homes in Las Vegas have been sold during the first three months of 2013. This figure is twice the amount of Las Vegas home sales that occurred during the same period just one year ago. New home construction is also on the rise, with close to 1,800 new home building permits having been pulled during the beginning of this year. New home prices that are having a positive effect on Las Vegas home sales show that sale prices are up 13 percent from one year ago.
On a national average, the housing markets that were hit the hardest are now exhibiting the biggest price jumps in homes for sale. Even so, there are some concerns that the current real estate increases may not be able to hold water over the course of time. The question remains: are current Las Vegas home sales indicative of a turn around for real estate in Nevada?
The issues that persist in Las Vegas show that just under 60 percent of homeowners were underwater during the last quarter of 2012. This was the highest figure among the U.S.'s biggest cities. The market in Las Vegas is still in a recovery mode, and it may not be clear just yet if we are completely on the comeback trail.