As national home prices fell again in December, the housing sector in Las Vegas defied the trend and demonstrated rises in prices of housing in that same month.
Reporter Christopher S. Rugabar, writing in the Las Vegas Review-Journal, indicated that home prices increased more than 25 percent in the Las Vegas area at the end of 2013.
Sales of high-end homes valued at over $1 million also remained strong in the Las Vegas area, according to Nancy Keates, writing in the Wall Street Journal.
Las Vegas new home construction also increased in the first quarter of 2014. More than 600 new residential construction permits were issued in Las Vegas and nearby communities such as Henderson, according to statistics compiled by Construction Monitor.
Costs for these new residential units ranged from modest prices in the $70,000s to upwards of $400,000. The majority of new home construction in Las Vegas during this time period averaged around $150,000.
Nationwide, the total number of residential construction projects increased for the 28th straight month as of December, 2013, according to governmental statistics cited by the National Association of Home Builders (NAHB). This data, from the U.S. Census Department and Department of Housing and Urban Development, shows single-family construction demonstrating its 24th straight month of increase, with a 20.8 percent increase from October to November, 2013, resulting in a total of 727,000.
Multi-family housing starts increased by almost 27 percent to 364,000 over the same period, according to the NAHB.
The NAHB expects an increase in housing starts of nearly 25 percent in 2014.
Builders and construction professionals can rely on Construction Monitor for detailed, up-to-date information on construction permits issued and projects about to begin around the country. Contact us today for more information on Las Vegas new home construction and the state of the housing market in Las Vegas and the surrounding areas.