The National Association of Home Builders/Wells Fargo housing market index dropped 58 percent from March to a score of 30 this month, the largest monthly change in the history of the index.
House-flipping companies like Zillow, Offerpad and Opendoor have temporarily stopped buying homes in Las Vegas because of the spread of coronavirus.
In early 2019 Las Vegas home prices were rising at the fastest rate in the nation. But Las Vegas ended 2019 with some of the slowest-rising prices in the nation. In December, Southern Nevada prices were up 2.6% year-over-year in December, compared to 3.8% nationwide, according to the S&P CoreLogic Case-Shiller index . Phoenix saw a a 6.5% price gain. Charlotte, North Carolina, saw a 5.3% price gain. Tampa, Florida saw a 5.2% price gain. Prices rose just 1% in Chicago and New York. (Las Vegas Review-Journal)
Del Webb, developer of 55-and-over communities, is holding a ceremonial groundbreaking Wednesday for a 10,000-square-foot clubhouse in a new housing tract in Henderson. The community, Del Webb Lake Las Vegas, will span 125 acres and feature 460 homes priced from the low-$400,000-range.
Southern Nevada home prices were up 12 percent year-over-year in November.
Las Vegas house prices are rising Southern Nevada prices were up 12.8 percent year-over-year in October. Nationally, home prices were up 5.5 percent year-over-year . Buyers are pulling back. Around 7,000 Las Vegas houses were on the market without offers at the end of November, up 54 percent year-over-year. Las Vegas home prices have been rising at one of the fastest rates in the country
Toll Brothers purchased of 128 acres of property near Mesa Park Drive and Town Center Drive will be used for a housing development. (Michael Quine/Las Vegas Review-Journal)
Unlike most house flippers, the company aims to make money from transaction costs rather than from selling homes for more than their purchase price.
Developer Chris Beavor holds a ceremonial groundbreaking ceremony for a mixed-use project next to Palms at 3883 Flamingo Road in Las Vegas. (Bizuayehu Tesfaye/Las Vegas Review-Journal)
A Salt Lake City firm has bought several Las Vegas apartment complexes. All told, Bridge Investment Group acquired eight complexes. The sale is valued at nearly $130 million deal. The information came from Charlotte Morse, director of investor relations and marketing for Bridge. (Las Vegas Review-Journal)
Roma and Alan Haynes have been married for almost 40 years and bought seven homes in Las Vegas. A look at these serial buyers and why they made their most recent purchase.