Mary Preheim | LVHO

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LAS VEGAS

Setting the Standard in Las Vegas Real Estate Most Participants Feel The Market Is Strong The trend seen recently is good news for the housing market. This small decline is no reason for panic. Understandable circumstances led to the dip, but demand for housing is still strong in the U.S. “Competition for existing houses on the market remained stiff last month, as low inventories in many markets reduced choices and pushed prices above some buyers’ comfort level,” said Lawrence Yun, the NAR’s chief economist. “The demand is there for more sales, but the determining factor will be whether or not some of these buyers decide to hold off even longer until supply improves and price growth slows.” On a year-over-year basis, the sales of existing homes is much higher. The index revealed pending home sales settled at 94.3 in the Northeast during June. This

is 12 percent higher when compared on a year-overyear basis. In addition, the Midwest, South and West regions are all higher when compared to the previous year. According to the NAR, existing-home sales are expected to jump 6.6 percent to 5.27 million total sales in 2015. Strong demand is good news for the real estate market.

Vol. 2 Issue 10

Body Perfect

“Strong price appreciation and an improving economy is finally giving some homeowners the incentive and financial capability to sell and trade up or down,” noted Yun. “Unfortunately, because nearly all of these sellers are likely buying another home, there isn’t a net increase in inventory. A combination of homebuilders ramping up construction and even more homeowners listing their properties on the market is needed to tame price growth and give all buyers more options.”

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Source: National Association of Realtors

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