The southern Nevada housing market continues to press forward, along with the broader economy. Demand within the new home segment of the market remains up, as sales volumes in February rose 31.5 percent. Median new home pricing edged up 4.8 percent from the prior year. On the resale side of the market, the number of closings was relatively flat from the prior year, but the median price jumped 9.0 percent year-over-year. Importantly, the mix of resale closings is dominated by non-distressed activity, with nearly nine out of 10 transactions not involving an auction, REO or short sale. Supply-side conditions remain relatively tight in the resale market with 2.4 months of effective availability posted in the MLS during February. The dynamics of the market have clearly trended toward a "normal" market, and fundamentals in the Las Vegas area economy have helped bolster the demand side of the equation. The latest annual population report suggests Clark County is now home to 2.2 million residents, which is up 2.7 percent from the prior year. Additionally, job growth stands at an impressive 3.4 percent in January (latest available data). Total job growth during the past 12 months in Las Vegas translated into 31,400 new employees, with a wide range of industries contributing to the increase. Given these factors, along with continued investment in major projects and quality-of-life factors, the local housing market is expected to remain on a stable path into the foreseeable future.
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