After falling to a low point a year ago, Las Vegas home values have sky rocketed and are expected to rise further, boosting the region’s fragile economic recovery. As of March 31st the Las Vegas Valley’s median home value was $138,800, up 22.3 percent from a year earlier. As we witnessed just a year ago in the first quarter, Las Vegas home values hit rock bottom in the first quarter last year at $113,500.
Cash investors, who take advantage of foreclosures and cheap Las Vegas Homes by purchasing houses to use as rentals, are responsible for much of the housing sector’s recovery. Sales prices, home values, new home sales and construction projects are on the rise, although far from where it was when the real estate boom hit.
Altogether, the local economy is improving based on statistics, the housing industry still remains badly damaged from the recession. Nevada has the highest foreclosure rate, second-highest mortgage delinquency rate and fourth-highest credit card delinquency rate in the country. In Las Vegas, we have the highest percentage of homeowners underwater where their mortgage debt exceeds their home value. Our consumer credit score is also at the bottom of the list in the country.