Las Vegas Named by Forbes as Among Housing Markets Closest to Recovering from COVID-19
LAS VEGAS, NV – According to Forbes, the national housing market is managing to bounce back faster than anticipated from the damage caused by the COVID-19 pandemic, and they said that among the cities that are showing the most signs of a positive recovery is Las Vegas, Nevada.
Mortgage applications have been increasing over the course of the last two months, Forbes noted, and both demand and prices for homes are at the same level – or even higher – than they were in January 2020, prior to the COVID-19 outbreak, indicating a “recovery trajectory,” they said. Loan applications for early June 2020 were 13 percent higher than they were during the same period one year ago, and represented a straight eight weeks in a row of growth.
Forbes attributes this rapid recovery to the fact that, unlike some industries during an economic downturn, housing is an “essential good” and thus is to some degree recession-proof. Other factors that have helped the housing industry counter the damage done to the economy by the pandemic are current low mortgage rates and the ways that realtors have adapted to the pandemic with virtual walk-throughs and online paperwork.
Home prices displayed slower growth in recent months, but never actually started to decrease; however, growth has begun to increase more quickly recently – driven both by demand and an overall lack of supply, with new listings down nationwide 21 percent year-over-year – indicating a recovering marketplace.
According to Forbes’ article, Las Vegas and Denver are leading the pack in terms of housing market recovery, with Boston, San Francisco and San Diego following closely behind. Many of these marketplaces are already seeing strong sales and prices that are on par with – or even higher – than they were before COVID-19 hit. In contrast, Buffalo, Columbus, Providence, Chicago are currently showing the least evidence of housing market recovery.
Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.