A recent report by SalesTraq states that the supply-demand balance in the Las Vegas housing market has remained relatively stable in recent months. Prices in the resale market have continued to increase, availability has remained reasonable, and sales volumes are fairly strong. This has taken place in spite of pullback in the investor segment of the market, suggesting at least a moderate level of pent-up demand from end users.
The share of homes purchased by cash buyers has been retreating since early 2013. A year ago, the share of resale home closings involving a cash buyer was 58 percent – during May 2014 that figured dipped to a little less than 40 percent. With prices rising almost 18 percent year-over-year – and fewer homes moving through the foreclosure/auction process – the report anticipates the number of cash buyers to continue to diminish. Yet in May the effective availability stood at almost three months – the lowest level since August 2013. Read the entire SalesTraq Report.
