A record number of U.S. metropolitan areas (62 out of 129) experienced double-digit home price gains between the fourth quarter of 2003 and the fourth quarter of 2004. Number one on the list of metropolitan areas is Las Vegas, Nevada with a gain of 47.3 percent. San Bernardino and Riverside counties in California were second on the list with price increases of 34.7 percent. The national median price for existing homes in the fourth quarter was $187,500, according to the NAR, an 8.8 percent increase from last year. The median price of a re-sale home in Las Vegas is $250,000. MS Las Vegas Real Estate is your tour guide in the market for residential real estate in Las Vegas.
Archive for February 16th, 2005
New residential construction logged a surprising increase last month as low mortgage rates fueled increased activity in the Southern U.S., helping housing starts climb to the highest mark in nearly 21 years. The Commerce Department said that housing starts rose 4.7% last month to a seasonally adjusted 2.159 million annual rate. It was the highest level of starts since February of 1984. With mortgage rates staying low, economists expect the housing market to continue to be a strong positive for the economy as a whole. Freddie Mac reported last week that rates on 30-year mortgages had fallen for a sixth consecutive week to 5.57%. Mortgage rates have managed to stay below 6% since last July, providing the impetus for all time highs in sales of both new and existing homes in 2004. It was the fourth straight year that sales in both categories have set records. MS Las Vegas Real Estate is geared up for another strong year in the Las Vegas home market. Our economy continues to surge (as does our population) and real estate in Las Vegas continues to be a solid investment.