Las Vegas and Henderson, NV housing market currently has higher sales and more building permits than last year. Just in October alone, there were 593 new home for sale in Las Vegas and Henderson, according to information from the Las Vegas-based Home Builders Research.
October's median closing price for new homes was $216, 614 which is up 8 percent from September, and 10 percent from October 2011- showing an overall improvement not only from month-to-month, but from previous recent years.
Builders in Las Vegas and Henderson pulled 576 new home permits recently, which is up 31 percent from just this past September, and close to triple that figure compared to the 196 building permits that were issued one year ago.
Home Builders Research President Dennis Smith suggests, however, that even though the real estate numbers are promising, there may be deeper problems looming. The possibility exists of thousands of homes being listed for sale in the coming months, and little doubt that Las Vegas and Henderson's rising prices are not sustainable.
Cash buyers are purchasing many of the available homes. Ever since the real estate bubble burst for home sales in Las Vegas and Henderson, investors from out of state are flocking to Las Vegas in order to buy up inexpensive homes in order to rent them out for profit. These actions are forcing up sales prices, and volume of sales in Las Vegas.
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