Las Vegas Real Estate Blog

The National Association of Home Builders’ (NAHB) monthly Housing Market Index (HMI)dropped from 30 in May to 28 in June. This was the lowest level since 1991.  It also represents an all-time low since the organization began charting the index back in 1995.

All three components declined:

1. present sales fell from 31 to 29
2. six month sales went from 41 to 39
3. buyer traffic slid from 23 to 22

NAHB Chief Economist David Seiders was quoted as saying, “Home sales most likely will erode somewhat further in the months ahead and improvements in housing starts probably will not be recorded until early next year. As a result, we expect housing to exert a drag on economic growth during the balance of 2007.”

Popularity: 18%

Last week, U.S. Treasury Secretary Henry Paulson was quoted by the Associated Press as saying the major slump in the housing market is nearing an end and should not have a significant impact on the overall economy.  In an interview with a group of reporters, Paulson said, “We have had a major housing correction in this country. I do believe we are at or near the bottom.”

Paulson’s comments echoed remarks by Federal Reserve Chair Ben Bernanke, who said in a speech earlier in the month that he believed the slump in housing would last longer than expected but that so far, “we have not seen major spillovers from housing onto other sectors of the economy.'’

Popularity: 13%

Located in the southern portion of the Las Vegas Valley, the Estates at Southern Highlands is debuting a new neighborhood called Augusta Canyon.  The August Canyon neighborhood will offer 100 estate lots of one-half acre to more than two acres located along the western ridges of the Southern Highlands Golf Club.

These prime golf lots will be located at the 14th fairway and offer views of Las Vegas, nearby mountain ranges and the golf course.  They are priced from the $600,000s to more than $1 million.

The Southern Highlands Golf Club is an invitation-only club ranked as The Best New Private Golf Club in the Western United States, 2001 by Golf Digest.

For more information, contact MillionSaverHomes.

Popularity: 15%

Bella Vista at Green Valley Ranch is a private, gated condo community located in Henderson.  The builder is currently offering potential buyers a variety of incentives to sign, including a Visa gift card valued up to $10,000, 3% towards closing costs and no condo HOA dues for a year.

There are several designs from which to choose.  The one- and two-bedroom designs have garages, many of which are attached directly to the unit. Four floor plans offer single- and two-story units with two bedrooms and 2 1/2 baths.  Prices start in the mid 180,000s.

For more information, contact MillionSaverHomes

Popularity: 14%

Toll Brothers has begun construction on ten new model homes in Inspirida, a master-planned community in the southern section of the Las Vegas Valley.  On June 30th, the builder will hold a grand opening for its Barcelona, Coronado and Balboa single-family home models, three townhomes and four mansion-condominiums.

Inspirada includes five collections of home designs. With a total of 20 floor plans, homes include foyer entrances, expanded master suites, family rooms, dining areas and spa-like master baths.  Prices begin in the upper $400,000s.

The collection of luxury townhomes range from 2,736 to 2,796 square feet, with prices starting from the mid-$500,000s, and the condo designs range from 1,406 to 1,712 square feet with prices starting from the mid-$300,000s.

For more information, contact MillionSaverHomes.

Popularity: 13%

Located in the northwestern valley at Torrey Pines Drive and Rome Boulevard, Silver Creek, designed by Miami-based builder Lennar is a intimate, gated neighborhood of 20 luxury residences on home sites measuring one-third to one-half an acre.

Buyers have four four plans to choose from:  the Palisades, Thousand Oaks, Coronado, Morro Bay and Turtle Bay. 

The neighborhood features two story designs, four to five bedrooms, and 3 to 4 1/2 baths.  Each are quite spacious ranging in size from 4,401 to 5,000 square feet.

For more information on any of these beautiful homes, contact MillionSaverHomes.

Popularity: 11%

A recent USA Today article highlights the growing trend among more and more Baby Boomers who are choosing to retire closer to home.  An AARP analysis of Census figures from 1990 and 2000 seems to also back this up.  It showed that 9 of every 10 Americans 60 and older were living in the same county they’d lived in five years before the surveys were taken; more than three-quarters even stayed in the same house.

Why are Baby Boomers staying put?

1. Putting family first
2. Cutting costs
3. Strong community ties

Developers are beginning to respond to this growing tend as well.  They are building socially centered, amenity-filled retirement villages throughout the country, including in urban and rural pockets from Colorado to Philadelphia.

Popularity: 11%

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.

Popularity: 11%

On June 1, the National Association of Realtors (NAR) released data related to the Pending Home Sales Index (PHSI) which is a forward-looking indicator based on pending home sales.  The index based on contracts signed in April, stood at 101.4, down 3.2 percent from an upwardly revised March reading of 104.8, and is 10.2 percent lower than April 2006 when it registered 112.9.  The revised March index was 10.0 percent below a year earlier.

Senioar NAR economist, Lawrence Yun, said the current index appears to be a fair representation of overall housing market conditions.  “It looks like we may be leaving a period of market disruptions, and for the past two months the pending home sales index has been similar in year-ago comparisons, which means home sales might ease but should be fairly stable in the months ahead,” he said.

The PHSI by region: 

• In the Midwest rose 2.3 percent in April to 98.1 but was 4.4 percent below a year ago. 
• In the South increased 0.7 percent from March to 116.0, but was 10.4 percent below April 2006.  
• In the West fell 10.2 percent in April to 91.4 and was 11.7 percent lower than a year ago. 
• In the Northeast, the index dropped 10.4 percent from March to 89.3 and was 15.4 percent below April 2006.

Popularity: 11%

Summerlin’s the Vista Village is offering its final two developments:  Altessa and Kingwood.  The Altessa development is a European-inspired, 280-unit, condo development offering 10 floor plan variations.  Units range from 684 to 1,390 square feet and are priced beginning in the low $200,000s.

The Kingwood neighborhood features three home collections by three home builders.  The Crown Series offers four floor plans from 2,426 to 3,158 square feet with prices starting in the low $500,000s.

Kingwood Crossing offers four floor plans from 1,948 to 2,737 square feet, priced from the low $400,000s.  Kingwood Knoll offers seven floor plans that range from 1,515 to 2,224 square feet.   These homes are priced from the mid-$300,000s.

For more information on these designs and availability, contact MillionSaverHomes at 702-212-3513.

Popularity: 10%