Nevada has the second highest unemployment rate in the nation and
also holds the city ranked number one for market turnarounds in
the nation. This could be puzzling for a any reader -- how can a
local housing market improve, drastically at that, when jobs are
still hard to come by? It makes sense to think that general economy
including housing and the job market would be congruent with each
But a better way to look at it is inventory VS population. There
are 450 available homes on the market and way more people with good
paying jobs looking to buy a home. Perhaps at the end of the day
supply and demand still trumps even strong economic indicators
like unemployment. Because that seems to be the case what I see
out there in the field.
The Trulia Price Monitor is the earliest leading indicator of
where asking prices are nationally and locally. According to the
folks over at Trulia, asking prices are up 5.1% nationally and
16.3% in Las Vegas.
Vegas being number one on the list is good as it shows yet another
sign that Nevada's housing market has rebounded. The national trend
in 2012 is looking rosy for almost all major cities as well.
82 out of 100 largest metros have had increased asking prices,
the prior year only having 12.
The trends are most definitely the same here in Reno, the second
largest city in Nevada. The steady rising prices may be due to the
lack of inventory among other things but graphs don't lie, they all
say the same: outlook is good for Nevada.
Check out the Trulia Price Monitor and Trulia Rent Monitors they
can be very helpful to give you a quick snapshot of what's happening
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