It was only a few years ago when affordable housing was one of the great draws in Southern Nevada. Despite the city growing at a breath-taking pace supply and demand stayed in sync and kept real estate prices relatively stable. And then suddenly the secret was out of the bag, sometime in 2003 and 2004, and speculators in particular moved in to ply their trade and began driving prices ever higher. The ensuing frenzy predictably ended in a bust that still prevails.
Those home builders who are still operating in Las Vegas have drastically revised their business plans to survive. Not too long ago the median new home price was heading well past the $300,000 mark, but in doing so slowly started to become unrealistic to many buyers. The market eventually tanked, as we well know, and values are now marching the other way. Going toward where the annual household incomes can afford them again. To read the entire article, please click on the link in this paragraph.