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Housing Prices

Home prices and rent costs in Las Vegas are reaching record highs.

Nevada Week
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Housing Prices
Nevada Week
Housing Prices

Nevada Week | Housing Prices                

SEASON 4: EPISODE 3 | Airdate: 7/30/2021

Southern Nevada is in the middle of a hot housing market with the price of homes going through the roof and rent prices also soaring.

Median home prices hit an all-time high in June - $395,000. That’s up 2.6 percent, or $10,000, from the month before. The median price of a new home hit a record of more than $411,000 in June, according to the Las Vegas Review-Journal. 

The high-flying market has people worried about a housing bubble bursting like it did in 2008. Brandon Roberts, president-elect of Las Vegas Realtors, told Nevada Week that this market is not like 2008. To begin with, people have equity in their homes and they are “buying homes right,” he said. 

In 2008, people were in loans with adjusting interest rates and were buying homes with very little or nothing down. That is not the case now. 

Nat Hodgson is the executive director of the Southern Nevada Home Builders Association. He agreed that the housing bubble won’t burst, because there is no bubble. 

Both Roberts and Hodgson agreed that one of the biggest drivers of the housing market right now is demand outstripping supply. 

But Hodgson said builders are building as many homes as possible, but he doesn’t see housing supply meeting demand for several years.

One of the biggest problems faced by home builders is the same problem faced by several other industries – supply chains.

Economist John Restrepo said extra buying during the pandemic combined with shutdowns to combat the spread of COVID-19 clogged up global supply chains. 

Restrepo believes there will be a cooling-off of all real estate markets – from commercial to residential – when people decide that they just won’t pay that much for a piece of property.

Both Restrepo and Hodgson are concerned about people being priced out of the rental and housing market. Hodgson said some people already are priced out.

They believe policy changes around land use and zoning could help solve Nevada’s affordable housing problem. 

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