After several ice-cold years, Las Vegas once again is one of the hottest housing markets in the country. Prices for new and used homes have jumped 37 percent and 33 percent, respectively, over the past year. Existing home values rose 29 percent, the second-fastest rate among major metro areas. Land prices in parts of the valley have more than doubled since December alone. Despite the rapid gains, analysts say Las Vegas is not mired in another housing bubble. Prices and values simply are rising from historic lows, they said. Some think the market still is underpriced. Gone also are the days of rampant house flipping and sloppy mortgage lending that let almost anyone buy vastly overpriced houses. These days, prices are soaring as investors buy cheap homes in bulk to turn into rentals, crimping the inventory of homes for sale. Availability also has been limited by homeowners who refuse to sell or can’t sell because they’re underwater or stuck in foreclosure processing delays.
Posted on: Wed, 14 Aug 2013 04:50:24 +0000