Categorized | Featured, Residential

Las Vegas Housing Market Continues Slump

Las Vegas Housing Market Continues Slump
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Las Vegas was, along with Detroit and Phoenix, one of the hardest hit cities during the residential real estate crash. While Detroit and Phoenix are now starting to show strong signs of recovery, the market in Las Vegas continues to struggle with little hope for improvement in the near future.

The city has seen housing values decline at twice the nationwide rate in the past year and a half. Property prices have dropped this year to levels not seen in more than a decade.

While increases in the tourism industry have boosted the economy, there is no clear indication yet as to whether or not the increased state revenue will provide any kind of increase in the residential real estate market. Analysts are cautiously optimistic, and believe that the job market must improve before any kind of improvement can take place.

The job market has struggled immensely over the past year, with firings, layoffs, and business closures. With that economic and job market uncertainty and insecurity, many potential homebuyers opted not to enter the housing market. The number of job losses has declined in recent months, which is certainly optimistic. However, there have not yet been any gains in jobs, which analysts believe to be necessary for continuous and sustainable growth within the residential property market.

Another element that has hindered the real estate market in the city is the lack of growth within the retail sales sector. The drop in retail sales performance serves as a reflection of the lack of consumer confidence in the city, and that directly ties into the sullen performance of the housing market.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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