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Nevada Housing Market Continues to Stabilize

Nevada’s housing market continued to show signs of stabilization in January.  One of the major signs of that stability is that big institutional investor buying has slowed down to just 6.5% of sales.  This is down from 10.7% a year ago.  Short sales also slowed down to 13.4% from 22.9% a year ago.

Closer to home in the Las Vegas Valley, big institutional investor buys fell to 7.2% which is down from 10.1% last year.  Experts say that the large investment groups have cooled on Southern Nevada because the median price of local single family homes has risen up 24% in 2013 to $185,000.  At the same time more rentals have become available and this leads to lower lease rates.

Investors were important to the area back in 2012 when they made up about 80% of sales as locals were hesitant to purchase.  It is now just as important to see things going the other way as locals are now purchasing homes for themselves.  This promotes a more steady market with locals buying to live in their own communities.

Locally short sales dropped to 14.9%, down from 25.7% last year.  Bank owned homes rose to 25.6% up from 22.8% a year ago.

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