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New report predicts strong Las Vegas housing market

MAX WHITTAKER / THE NEW YORK TIMES FILE (2018)
A new National Association of Realtors report lists Las Vegas as one of 10 U.S. housing markets expected to show strength during the next three to five years, contradicting a report earlier this month that predicted home prices here would drop by about 1% next year.

The National Association of Realtors is predicting the Las Vegas housing market will likely overperform over the next several years, contradicting a recent report from a national real estate listing website.

Las Vegas was listed as one of 10 U.S. markets expected to show strength during the next three to five years.

The report specifically cited predicted strong job growth and continued population growth in Las Vegas over the next several years.

The report contradicts a Dec. 4report by Realtor.com that predicted home prices would decline in a quarter of the top 100 housing markets in the nation, including Las Vegas, next year. Realtor.com projects home prices in Southern Nevada will drop by about 1% next year.

The Greater Las Vegas Association of Realtors has also disputed the Realtor.com forecast.

Incoming 2020 GLVAR President Tom Blanchard said the National Association of Realtors report lined up better with where he though the Las Vegas housing market was headed.

“It confirms my thoughts regarding the Realtor.com forecast that was being circulated a week or so ago,” Blanchard said Wednesday.

“The Realtor.com forecast didn’t make sense to me,” he said. “The Las Vegas market shows all signs to continue steady sustainable growth through 2020.”

A third national real estate organization, database website Zillow, predicted in a report Tuesday that the national housing market would remain stable next year.

Zillow economists said they didn’t expect the U.S. economy to fall into recession in 2020.

Cheryl Young, a senior economist for Zillow, said she expected home prices in Las Vegas to expand at a modest rate next year.

“Price growth will be slow, but positive,” Young said. “This past year was a year of transition for the Las Vegas metro. An infusion of supply helped to temper the hot home value growth in recent years.”

GLVAR’s November report showed the median price for a home in the Las Vegas area was $307,000, unchanged from the association’s October figure and up just over 4% from November 2018.

The all-time average high for the region was $315,000 in June 2006, just before the recession that eventually led to the average home price bottoming out at $112,000 in early 2012.

Along with Las Vegas, nine other metro housing markets were identified by the National Association of Realtors to overperform in the next three to five years.

Those markets are: Dallas-Fort Worth; Columbus, Ohio; Charleston, S.C.; Charlotte, N.C.; Ogden, Utah; Raleigh-Durham, N.C.; Tampa, Fla.; and the Colorado cities of Fort Collins and Colorado Springs.

[email protected] / 702.259.4073/ @bryanhorwath