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Nevada Housing Stability Improves

The state Department of Business & Industry gave Nevada a C on its 3rd quarter Housing Stability Index.  That is an upgrade from the C- in this year’s 2nd quarter and is also up from a D+ from the 3rd quarter of 2012.  This is the highest grade for the index performance since January 2007.

A C grade equates to an average quality market.  9 out of 12 of the measures that the market index grades improved in the past quarter.  Most importantly, investor purchases slipped to a total of 44.6%, down from 54.2% last quarter.  This is also down from 48.6% last year.  Inventory also rose to a more comfortable level although it is still below what would be considered a balanced market.

Nevada also saw a big dip in the share of underwater mortgages.  39.3% of Nevadans owe more on their home than it is worth.  That figure is down from 47.5% last quarter and 59.4% last year.

In other housing statics released this week, the U.S. Census Bureau said that 2.4 % of owned homes in the Las Vegas Valley were vacant in the 3rd quarter.  This figure is down from 3.3% last quarter and 3.5% last year.   The peak for this figure was 5.5% in the 4th quarter of 2011.

 

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