Front page article in the LVRJ.
Median prices up 30.6 % ...
Median is very different than Average or Appreciation.
Median is the middle. Average is the Total of all Sales divided by the Number of Sales.
So the middle is going up meaning people starting to buy more expensive Homes.
The article later goes on to say that Las Vegas Valley Homes
have Appreciated over 20% in the past year.
Still a very good sign.
A couple of other interesting points the article discusses are;
- This surge in Sales is also affecting local Repairman and Home Decorating and Home Fixture Sales.
- They claim that there is still a years worth of Inventory sitting vacant out there.
- Currently, 59% of All Sales are Cash transactions, which are usually Investors.
- The Builder are out of developable land,
and prices need to go up another 20% before building makes sense.
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