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Market Snapshot: April 2014
Housing Data Wrap-Up: April 2014
There has been a steady tide of negative housing reports over the past few months that have raised doubts about the housing recovery. Sales of new and existing homes have weakened, mortgage applications have fallen, and the homeownership rate has plunged to its lowest level in 20 years. New home construction has also slowed. Single-family housing starts through the first three months of this year are running 1.6 percent below their year-ago pace, and starts of multi-family units are down 3.8 percent. The drop in housing starts corresponds with the recent slide in the NAHB/Wells Fargo Homebuilders’ Index. The only housing metrics that appear to be holding up are prices and even here the momentum appears to be fading. The Case-Shiller and CoreLogic home price indices show a slight deceleration in the year-to-year change, with the Case-Shiller 20-city composite index rising 12.9 percent year-to-year and the CoreLogic Price Index rising 11.0 percent.
Las Vegas back to high water marks in population, median home prices, and tourism.
The 2013 survey found that 38 percent of residents believe they are better off financially than they were a year before, and that 42.2 percent believed their financial status would improve in 2014.
“Consumer confidence has been driving our economy and helping pull us out of the recession,” Aguero said. “They believe that tomorrow’s going to be better than today, and they’re finding increased confidence.”
While the economy has not rebounded to peak levels, Aguero said, “you’d be hard pressed to say that those statistics would be anything but a recovery or a resurgence.”