US Recovery News Shows Las Vegas Real Estate in the Lead
As we continue to see a recovery trend throughout the US, some markets are faring better than others. Las Vegas is showing impressive recovery figures, posting annual increases of 31.2 percent.
The US housing market, as a whole, is showing normalizing trends which will not be sustainable in the long-term, but are necessary to get the market back on track. With annual gains above 20 percent in many of the top metro areas, and above 15 percent in 14 other metro markets, this kind of gain will not last long.
Although Las Vegas real estate showed the highest annual increases, these figures indicate that nationwide average values are still one-third below peak prices. Las Vegas real estate also showed lower than national average home prices, at $145,000, which is beneath 35 of 50 of the top markets in the US.
Experts are saying these low average values are contributing to the higher value gains. Along with Las Vegas’ above average gains, the West led the national figures with 17.8 percent appreciations.
Fewer markets posted quarterly losses last quarter, with only two of the 15 lowest US markets. The national goal will see moderate annual and quarterly gains, more like 10 percent annually. This should set the market back to a sustainable rate of increase and appreciation, as the US recovery continues.
This moderate transition will vary by market, but should continue as the current climate is in great standing. The latest figures show national annual gains to be 9.3 percent above last year, and quarterly gains 1.6 percent over last quarter.
What do you think of the impressive yearly increases in the Las Vegas real estate marketplace? Are you seeing improvements in your local real estate market? Does this change your approach to the current market at all?
Please let us know your thoughts in the comment section below.
Photo courtesy of Link576’s Flickr