Before the housing market crash, home prices in Las Vegas soared and prospective buyers didn’t have much trouble getting a loan from a bank. Now, after a rough patch, the market has rebounded nicely, but is nowhere near its pre-recession levels.
And, as Las Vegas Review-Journal staffer Eli Segall reports, that’s a good thing.
According to data from the Greater Las Vegas Association of Realtors, the median sales price of previously owned single-family homes was $280,000 in March. That’s more than double since hitting bottom and up 16% year-over-year, but still below the peak of $315,000 in mid-2006.
It’s also tougher to get a mortgage today than it was before the crash. The days of banks giving money to practically anyone, often without requiring a down payment or proof of income, are long gone.
And before the crash, many people bought homes in Las Vegas as investment properties, but now most buyers are actually living in the homes they purchase.
“Las Vegas has been climbing out of the hole for the better part of the last decade,” said Brian Gordon, co-owner of Las Vegas-based consulting and research firm Applied Analysis.
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