There was a lot of speculation this month surrounding realtor.com's 2020 housing forecast claiming Las Vegas will face a housing market decrease in the new year but we think not! Watch this video from KSNV News where UNLV economist, Stephen Miller, explains why personal income growth and a decrease in unemployment suggests differently. I tend to agree with Dr. Miller! If you are thinking of buying or selling in the new year, it is important to take these predictions with a grain of salt. The best way to approach the housing market in the new year is to continue to track our local trends and your current home value. Take a look at our housing statistics for the month of November.
At first glance, you will notice that closings have taken a dip, but that is typical for the holiday season with the lack of inventory available to local buyers (learn more about that by reading our Holidays are No Holidays report.) Home prices are sideways from the previous month, but this is a positive for home prices going forward given that fall and winter often have reduced demand relative to the spring and summer.
If you know someone who has made it their goal to purchase a home in 2020, contact the real estate professional responsible for sharing this blog post with you.