Nevada HAND receives 2,000 calls a day from people seeking affordable housing and only has a “handful” of vacancies in its 4,700-unit portfolio, the president and CEO said.
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Home construction is still facing costly and delayed materials from supply chain disruptions while the Southern Nevada housing market remains hot, industry members say.
Southern Nevada home prices jumped 19.8 percent year-over-year in June, outpacing the national rate of 18.6 percent, according to a new report.
Housing markets are always prone to ups and downs, especially in Las Vegas, and no boom lasts forever.
U.S. homebuilders’ sales fell to its slowest pace in a year last month, and resales dropped for the fourth consecutive month. And it’s no different in Southern Nevada.
Demand is fierce and inventory is minimal in the Southern Nevada rental home market, where a report shows prices have jumped 11.3 percent year over year in April.
Kristen Routh-Silberman listed a sleek Henderson mansion for $12.5 million early this month, and within days, she said, she was negotiating two offers.
The Las Vegas housing market has become fiercely competitive in recent months, and the pressure to find a home is even more challenging for first-time buyers.