Nationally, Bloomberg News is reporting that the housing market continues its sluggish start to 2015. Sales are down, faced with rising prices and low inventory. Housing prices have been rising faster than incomes and borrowing standards remain tight, both of which prevent potential buyers from taking advantage of continued low interest rates. Bloomberg reports the median price of a home in February was $202,600, up from $188,400 in February, 2014. This means half of all homes sold for less than $202,600 and half sold for more than that price. As a comparison, the median price in Las Vegas is about $207,000.
One significant reason for the lack of real estate inventory is the number of homeowners who have negative equity in their homes. About 15 percent of all mortgages remain underwater in the U.S. Nevada has the highest rate of underwater mortgages in the country at 24.2%. Nevada is followed by Florida, Arizona, Illinois and Rhode Island.
The five states with the highest proportion of home equity are Texas, Alaska, Montana, Hawaii and North Dakota.
Should you be underwater in your mortgage, but need to sell, LasVegasHomeSpecialist has a way of helping sellers who think they can’t sell. To learn more, contact us.