The housing market is stabilizing, especially in Southern Nevada, according to April 2014 Report on Nevada’s Housing Market, prepared by the UNLV Lied Institute for Real Estate Studies and the State of Nevada Department of Business & Industry.
Housing market conditions in Nevada continued to stabilize in April 2014. Most notably, existing home sales saw an 8.1 percent increase month‐to month. A fifth of these sales were sold as a REO or short sale. Their share as distressed home sales increased from last month. However, it is still trending down hill.
As for Southern Nevada,
Single‐Family home prices and sales have stabilized more in Southern Nevada than the rest of the state. So far in 2014, new home prices have steadily been around $300,000, and new home sales have steadily been around 340.
Total residential starts in Southern Nevada were nearly identical in April to both the prior month and April 2013. However, there were significant changes in the number of single-family starts from both the prior month and prior year with those changes nearly perfectly offset by changes in the number of multifamily starts.
The 607 single-family starts were an increase of 67 from March 2014 but 80 fewer than in April 2013. There were 66 fewer multifamily starts in April 2014 than the previous month but 86 more than a year-ago April.
Around 70% of homes statewide and more than 65% in Southern Nevada had positive equity in April 2014. Fewer than 30% had positive equity four years ago.