#LasVegas is on a home building rampage – sorry California

Unlike neighboring California, Nevada likes home builders and loves home buyers.

So it’s no surprise that Las Vegas home builders are off to a robust start this year, fetching near-record prices and fast-rising sales totals.

Driving around the valley and seeing all the new subdivisions taking shape, locals still wary from last decade’s housing crash might wonder if another bubble is inflating. But builders aren’t selling nearly as many homes as they did in the go-go years of the mid-2000s or even in the 1990s, before the U.S. housing craze took off.

Builders sold about 1,200 new homes in Clark County this year through February, up 34 percent from the same two-month period in 2016, according to Home Builders Research. The median sales price of February’s closings was $325,360, up 4 percent year-over-year and not far below the peak of $338,560, reached in summer 2007.

Overall, builders sold almost 8,000 homes in the Las Vegas area last year, more than double the market’s low point during the recession but nowhere near its record of almost 39,000 sales in 2005.

Read the whole story in the Las Vegas Review-Journal

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