Gloomy Forecast For Market Continues
It appears as if the Las Vegas real estate market will not improve until late next year, but it could take as many as four years to recover. Those are the findings of researchers at the University of Nevada Las Vegas in their mid-year economic report.
Researchers at UNLV say excess supply is hurting the market. They believe that LV currently has approximately 14-15,000 housing units more than is needed and that it is depressing home building and home building has slowed significantly.
The Greater Las Vegas Association of Realtors reported that the median sales price of a single-family home was just over $301,000 in May, down 1% from April and down nearly 3% from last year. Also in May, the number of homes listed for sale increased by more than 3% from April.
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