Las Vegas Housing May Be in Shortage Again Soon

A low number of housing permits along with a large expected influx of residents moving to Las Vegas for jobs and lifestyle may cause another home shortage by 2009. Thousands of people continue to move to the valley. Thousands have postponed purchasing homes on account of the price correction and are simply awaiting a shift in talk about a safe market. There could be another rush on inventory and a considerable rise in prices.
"The Southern Nevada Home Builders Association released a report this week which forecasts a shortage in available housing by as early as 2009...The study, conducted by Applied Analysis, found that the 2008 residential housing market will likely remain soft...However, major Strip construction projects set to open in 2009 and 2010 will create a need for thousands of new jobs, which will strongly impact housing availability." - RJ

It's certainly not a time to speculate but it is a time to consider buying while home prices are afforable. Get in touch with a Las Vegas Realtor® to understand your housing options.