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ReportonNevada’sHousingMarket
April2014
FundingprovidedbytheHousingDataandIndexProject,ajointinitiativeof:
ThisseriesofreportsonNevada’sHousingMarketisco‐presentedbytheLiedInstituteforRealEstateStudiesattheUniversityofNevada,LasVegasandtheStateofNevadaDepartmentofBusiness&Industry.ThesereportsprovidemonthlyupdatesonhousingmarkettrendsforstakeholdersthroughoutNevada,whichwillbecrucialasNevadaembarksonapathofhousingrecovery.
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Nevada’sHousingMarket |April2014
TableofContents
NevadaStatewideTrends…….................................... 2
NorthernTrends………………………………………….. 10
SouthernTrends………………………………………….. 14
RuralTrends…………………………………………........... 18
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Nevada’sHousingMarket |April2014
NevadaStatewideTrends
Population:2,790,136 in2013 HousingUnits:1,186,879 in2013
Source:U.S.CensusBureau:StateandCountyQuickFacts
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NevadaStatewideTrends
Nevada’sHousingMarket |April2014
Nye
Elko
Clark
Lincoln
Humboldt
Washoe
WhitePine
Lander
Pershing
Eureka
Churchill
Mineral
Lyon
Esmeralda
Douglas
Storey
CarsonCity
Single‐FamilyHomeSales* April2014 M2MChange Y2YChangeNew 460 +0.7% ‐43.7%Existing 4425 +8.1% ‐17.5%DistressShare 20.5% +52.1% ‐33.4%
ResidentialConstructionTotalStarts 1194 +104 +62Single‐Family 750 +160 ‐120Multifamily 444 +44 +182
AverageSingle‐FamilySalesPrice*New $304,000 ‐0.2% +17.8%Existing $202,131 +1.3% +8.7%Distress $152,946 +1.0% +0.8%
Source:LiedInstitutecalculationsusingCoreLogic DataandtheStateoftheCitiesDataSystems byU.S.DepartmentofHousingandUrbanDevelopment.*FiguresportrayThree‐MonthMovingWeightedAverages
HousingmarketconditionsinNevadacontinuedtostabilizeinApril2014.Mostnotably,existinghomesalessawan8.1percentincreasemonth‐to‐month.AfifthofthesesalesweresoldasaREOorshortsale.Theirshareasdistressedhomesalesincreasedfromlastmonth.However,itisstilltrendingdownhill.Thecurrentdistresssharerepresentsadeclineof33.4percentsincelastyear.Specifically,Nevadasawabout513shortsales,orpre‐foreclosuresales,inApril2014– nearly400morethaninMarch2014,but800lessthaninMarch2013.Thesearesingle‐familyhomesthatsellafterreceivinganoticeofdefault,butbeforebeingrepossessed.Foreclosures,ontheotherhand,havebeenfairlystablewiththetrend,anddroppedslightlyinApril2014.Thesedynamicsderiveinpartfromthesteadydecreaseinthenumberofdelinquentborrowers.Thisisthenumberofborrowerspastdueonthreeormoremonthlymortgagepayments.Therearecurrentlyabout27,000seriouslydelinquentborrowersinNevada,whereastherewereover85,000in2010.
NevadaStatewideTrends
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The Single‐Family Home Prices figure above shows the three‐month moving average price of existing homes and new homes.Existing homes are single family homes that were exchanged from one private owner to another. This includes homes sold byreal estate agents, owners, and lenders. New homes are single family homes that were exchanged from a builder to a privateowner. The other figure, Single‐Family Homes Sales, illustrates the frequency of those transactions for both existing and newhomes. A seasonal pattern is obvious in the Single‐Family Home Sales graph. In Nevada, each year, there are more home salesduring the summer than during the winter.
Nevada’sHousingMarket |April2014100
200
300
400
AveragePriceinThousands
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Date(January2000‐April2014)
Existing NewSource:CoreLogicNote:Seriesare3‐monthweightedmovingaverages.
Single‐FamilyHomePrices
02000
4000
6000
8000
10000
MonthlyNum
berofSales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Date(January2000‐April2014)
Existing NewSource:CoreLogicNote:Seriesare3‐monthweightedmovingaverages.
Single‐FamilyHomeSales
NevadaStatewideTrends
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The Housing Affordability figure shows the proportion of home sales that could have been bought by borrowers with aconventional loan earning at least the local median income. It is an index developed by the National Association of HomeBuilders (NAHB). As a benchmark, half of the working class should be able to afford half of the homes sold when the market isin equilibrium. The other figure, Nevada Single‐Family Homes for Sale, shows the number of homes available for sale at the endof the month. These numbers include new listings that are awaiting a purchasing contract. Furthermore, they include homesthat are under contract and about to sell.
Nevada’sHousingMarket |April2014
Equilibrium
1020
3040
50WashoeListingsinHundreds
250
220
190
160
130
100
ClarkListingsinHundreds
2007 2008 2009 2010 2011 2012 2013 2014Date(January2007‐April2014)
Clark Washoe
Source:GreaterLasVegasAssociationofRealtorsandUNR'sCenterforRegionalStudies
NevadaSingle‐FamilyHomesforSale
2040
6080
100
ProportionofAffordableHom
eSales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Date(1Quarter2000‐1Quarter2014)
LasVegas Reno NationSource:NationalAssociationofHomeBuildersNote:Seriesdenotetheproportionofhomesalesaffordableatmedianincome.
HousingAffordability
Equilibrium
NevadaStatewideTrends
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Single‐Family Distress Sales is a figure that displays the monthly number of Real Estate Owned (REO) sales and short sales.REO sales are homes that have been repossessed by lenders through foreclosure and then sold in the market. Short sales, onthe other hand, are homes that were sold for an amount below the owner’s outstanding mortgage balance. Both numbers arethree‐month weighted moving averages. The other figure, Share of Distress Single‐Family Home Sales, tracks the proportion ofhome sales (including new home sales) that were REO sales or short sales. A healthy proportion for a housing market is closeto zero.
Nevada’sHousingMarket |April2014
020
4060
80ShareofDistressSales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Date(January2000‐April2014)Source:CoreLogic
ShareofDistressSingle‐FamilyHomeSales
01000
2000
3000
4000
MonthlyNum
berofSales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Date(January2000‐April2014)
REOSales ShortSalesSource:CoreLogicNote:Seriesare3‐monthweightedmovingaverages.
Single‐FamilyDistressSales
NevadaStatewideTrends
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The Foreclosure Trends figure includes two series: the 90+ Days Delinquent series and the Foreclosure Inventory series. The90+ Days Delinquent series consists of the number of homes that are secured by a loan in default for 90 days or more. Thisincludes homes that are in the process of being foreclosed. The Foreclosure Inventory series consists of homes that have begunthe foreclosure process or are in some stage of foreclosure. The other figure depicts what proportion of homes secured by amortgage have positive equity or negative equity. When a home has a market value at or above its outstanding mortgagebalance, it is consider to have positive equity. Otherwise, the house has negative equity.
Nevada’sHousingMarket |April20140
2040
6080
100
CountinThousands
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Date(January2000‐April2014)
90+DaysDelinquent ForeclosureInventory
Source:CoreLogic
ForeclosureTrends
100
9080
7060
5040
3020
100
Percent
2010 2011 2012 2013 2014
Source:CoreLogic
(HomeValue‐MortgageBalance)EquityinQuarter1,2014
PositiveEquity NegativeEquity
NevadaStatewideTrends
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These two figures are based on numbers gathered from County records by RealtyTrac. The first figure shows the monthlynumber of Notices of Default and Repossessions. The Notice of Default (NOD) is the initial stage of foreclosure that starts atleast 90 days after the homeowner’s mortgage default date. Not all homes that receive a NOD will necessarily be foreclosed.There exist other alternatives homeowners can invoke such as a loan modification, deed‐in‐lieu of foreclosure, and short sale.The other figure, Residential Home Auctions, shows the monthly number of homes that received a Notice of Trustee Sale andunderwent a public auction. It includes both the successful and unsuccessful actions. Those that were unsuccessful arereverted back to the lender, which are expectedly sold later in the market as an REO.
Nevada’sHousingMarket |April20140
2000
4000
6000
8000
10000
MonthlyFrequency
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Date(April2005‐April2014)
REO3‐MonthMovingAverage ActualREONOD3‐MonthMovingAverage ActualNOD
Source:RealtyTrac
NoticesofDefaultandRepossessions
02000
4000
6000
8000
MonthlyFrequency
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Date(April2005‐April2014)
NoticeofTrusteeSales 3‐MonthMovingAverage
Source:RealtyTrac
ResidentialHomeAuctions
NevadaStatewideTrends
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These figures rank Nevada nationally on the basis of statistics that are provided by Mortgage Bankers Association’s NationalDelinquency Survey. The Top 20 States in Foreclosure Inventory figures is a ranking that uses the proportion of loans in theforeclosure inventory. That is the number of home loans reported to be in some stage of foreclosure divided by the totalnumber of home loans serviced. The Top 20 States in Foreclosure Starts is a ranking that uses mortgage foreclosure starts as apercent of stock. In other words, this is the number of initiated foreclosures divided by the total number of home loansserviced.
Nevada’sHousingMarket |April2014
1.251.75.5.250MortgageForeclosureStartsasPercentofStock
LouisianaOklahomaTennessee
WestVirginiaArkansas
SouthCarolinaAlabamaKentucky
ConnecticutNewYorkGeorgiaMaineOhio
IndianaMississippi
IllinoisRhodeIsland
FloridaNewJerseyMaryland
Source:MortgageBankersAssociation'sNationalDelinquencySurvey
1stQuarter2014Top20StatesinForeclosureStarts
121086420PercentofLoansintheForeclosureInventory
IndianaRhodeIsland
OregonPennsylvaniaNewMexicoDelaware
OhioVermontMarylandNevadaHawaiiIllinois
ConnecticutMaine
NewYorkFlorida
NewJersey
Source:MortgageBankersAssociation'sNationalDelinquencySurvey
1stQuarter2014Top20StatesinForeclosureInventory
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Nevada’sHousingMarket |April2014
NorthernTrends
Population:614,491in2013 HousingUnits:267,161in2013
Source:U.S.CensusBureau:StateandCountyQuickFacts (CarsonCity,Churchill,Douglas,Lyon,Storey,andWashoeCounty)
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NorthernTrends
Home prices are valued much higher in the northern counties thanthe rest of the state. Existing home prices are valued at $237,779,which is $35,000 more than the state average.
New home prices here experienced almost no change from March2014 to April 2014 and are now priced at $344,209. This number isnot likely to change each month as the housing affordability in theNorthern Nevada region is nearing equilibrium. However, newhome prices could pick back up if single‐family construction stalls.
Northern Nevada saw a large increase in the share of distressedhome sales. This large increase was caused by short sales goingfrom only 19 in March 2014 to 92 in April 2014. Foreclosures werenearly untouched this month. Yet, this appears to be a deviationfrom the declining trend.
Nye
Elko
Clark
Lincoln
Humboldt
Washoe
WhitePine
Lander
Pershing
Eureka
Churchill
Mineral
Lyon
Esmeralda
Douglas
Storey
CarsonCity
Nevada’sHousingMarket |April2014
Single‐FamilyHomeSales* April2014 M2MChange Y2YChangeNew 100 +1.4% ‐3.8%Existing 913 +10.0% ‐9.2%DistressShare 16.7% +64.3% ‐46.4%
ResidentialConstructionTotalStarts 200 +40 +17Single‐Family 120 ‐8 ‐21Multifamily 80 +48 +38
AverageSingle‐FamilySalesPrice*New $344,209 ‐0.1% +32.2%Existing $237,779 +2.1% +4.0%Distress $166,012 +4.0% +6.9%
Source:LiedInstitutecalculationsusingCoreLogic DataandtheStateoftheCitiesDataSystems byU.S.DepartmentofHousingandUrbanDevelopment.*FiguresportrayThree‐MonthMovingWeightedAverages
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NorthernTrends
Nevada’sHousingMarket |April2014
0500
1000
1500
2000
MonthlyNum
berofSales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Date(January2000‐April2014)
Existing NewSource:CoreLogicNote:Seriesare3‐monthweightedmovingaverages.
Single‐FamilyHomeSales150
200
250
300
350
400
AveragePriceinThousands
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Date(January2000‐April2014)
Existing NewSource:CoreLogicNote:Seriesare3‐monthweightedmovingaverages.
Single‐FamilyHomePrices
020
4060
ShareofDistressSales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Date(January2000‐April2014)Source:CoreLogic
ShareofDistressSingle‐FamilyHomeSales
0100
200
300
400
MonthlyNum
berofSales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Date(January2000‐April2014)
REOSales ShortSalesSource:CoreLogicNote:Seriesare3‐monthweightedmovingaverages.
Single‐FamilyDistressSales
NorthernTrends
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Nevada’sHousingMarket |April2014
05
1015
CountinThousands
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Date(January2000‐April2014)
90+DaysDelinquent ForeclosureInventory
Source:CoreLogic
ForeclosureTrends100
9080
7060
5040
3020
100
Percent
2010 2011 2012 2013 2014
Source:CoreLogic
(HomeValue‐MortgageBalance)EquityinQuarter1,2014
PositiveEquity NegativeEquity
0500
1000
1500
MonthlyFrequency
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Date(April2005‐April2014)
REO3‐MonthMovingAverage ActualREONOD3‐MonthMovingAverage ActualNOD
Source:RealtyTrac
NoticesofDefaultandRepossessions
0200
400
600
800
1000
MonthlyFrequency
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Date(April2005‐April2014)
NoticeofTrusteeSales 3‐MonthMovingAverage
Source:RealtyTrac
ResidentialHomeAuctions
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Nevada’sHousingMarket |April2014
SouthernTrends
Population:2,027,868 in2013 HousingUnits:854,089 in2013
Source:U.S.CensusBureau:StateandCountyQuickFacts (ClarkCounty)
Nye
Elko
Clark
Lincoln
Humboldt
Washoe
WhitePine
Lander
Pershing
Eureka
Churchill
Mineral
Lyon
Esmeralda
Douglas
Storey
CarsonCity
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SouthernTrends Single‐Family home prices and sales have stabilized more in
Southern Nevada than the rest of the state. So far in 2014, newhome prices have steadily been around $300,000, and new homesales have steadily been around 340.
Homes in Southern Nevada continue to be more affordable thanhomes in Northern Nevada according to the National Association ofHome Builders’ affordability index. In the first quarter of 2014, 72percent of the homes sold were affordable in Las Vegas to ahousehold earning the local median income of $52,601.
Nearly 22 percent of all home sales in Southern Nevada were sold indistress. This is much higher than the rest of the state and, sincesouthern Nevada contains most of Nevada’s population, has had alarge impact on the distress share for Nevada as a whole.
Nevada’sHousingMarket |April2014
Single‐FamilyHomeSales* April2014 M2MChange Y2YChangeNew 344 +0.4% ‐50.1%Existing 3334 +7.6% ‐18.9%DistressShare 21.8% +49.6% ‐31.1%
ResidentialConstructionTotalStarts 909 +1 +6Single‐Family 607 +67 ‐80Multifamily 302 ‐66 +86
AverageSingle‐FamilySalesPrice*New $296,622 ‐0.1% +15.0%Existing $196,138 +1.0% +9.5%Distress $152,591 +0.7% +0.3%
Source:LiedInstitutecalculationsusingCoreLogic DataandtheStateoftheCitiesDataSystems byU.S.DepartmentofHousingandUrbanDevelopment.*FiguresportrayThree‐MonthMovingWeightedAverages
SouthernTrends
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Nevada’sHousingMarket |April2014
100
200
300
400
AveragePriceinThousands
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Date(January2000‐April2014)
Existing NewSource:CoreLogicNote:Seriesare3‐monthweightedmovingaverages.
Single‐FamilyHomePrices
02000
4000
6000
8000
MonthlyNum
berofSales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Date(January2000‐April2014)
Existing NewSource:CoreLogicNote:Seriesare3‐monthweightedmovingaverages.
Single‐FamilyHomeSales
020
4060
80ShareofDistressSales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Date(January2000‐April2014)Source:CoreLogic
ShareofDistressSingle‐FamilyHomeSales
01000
2000
3000
4000
MonthlyNum
berofSales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Date(January2000‐April2014)
REOSales ShortSalesSource:CoreLogicNote:Seriesare3‐monthweightedmovingaverages.
Single‐FamilyDistressSales
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SouthernTrends
Nevada’sHousingMarket |April2014
020
4060
80CountinThousands
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Date(January2000‐April2014)
90+DaysDelinquent ForeclosureInventory
Source:CoreLogic
ForeclosureTrends100
9080
7060
5040
3020
100
Percent
2010 2011 2012 2013 2014
Source:CoreLogic
(HomeValue‐MortgageBalance)EquityinQuarter1,2014
PositiveEquity NegativeEquity
02000
4000
6000
8000
10000
MonthlyFrequency
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Date(April2005‐April2014)
REO3‐MonthMovingAverage ActualREONOD3‐MonthMovingAverage ActualNOD
Source:RealtyTrac
NoticesofDefaultandRepossessions
02000
4000
6000
8000
MonthlyFrequency
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Date(April2005‐April2014)
NoticeofTrusteeSales 3‐MonthMovingAverage
Source:RealtyTrac
ResidentialHomeAuctions
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Nevada’sHousingMarket |April2014
RuralTrends
Population:147,777 in2013 HousingUnits:65,629in2012
Source:U.S.CensusBureau:StateandCountyQuickFacts (Elko,Esmeralda,Eureka,Humboldt,Lander,Lincoln,Mineral,Nye,Pershing,andWhitePineCounty)
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RuralTrends Rural Nevada was the only part in Nevada that saw an increase in
foreclosures – going from 17 foreclosures in March 2014 to 28foreclosures in April 2014. The high increase in the distress sharecan mostly be attributed to foreclosures, as short sales hardlychanged in April 2014. When foreclosures are high, distressedhome prices decrease because foreclosed properties are often muchcheaper than short sales.
Single‐family permits are well behind what they were in recentyears. They are, however, gradually picking up as they tend to movein the same direction as home prices. This is mostly becausebuilders require homes to exceed the cost of construction in orderto build. Consequently, if new home prices decline any further,builders may be dissuaded from building new homes.
Nye
Elko
Clark
Lincoln
Humboldt
Washoe
WhitePine
Lander
Pershing
Eureka
Churchill
Mineral
Lyon
Esmeralda
Douglas
Storey
CarsonCity
Nevada’sHousingMarket |April2014
Single‐FamilyHomeSales* April2014 M2MChange Y2YChangeNew 16 +4.3% ‐28.4%Existing 164 +12.6% ‐23.7%DistressShare 18.1% +75.2% +6.6%
ResidentialConstructionTotalStarts 85 +63 +39Single‐Family 23 +1 ‐19Multifamily 62 +62 +58
AverageSingle‐FamilySalesPrice*New $212,880 ‐4.0% ‐12.8%Existing $125,522 +1.6% +3.1%Distress $96,855 ‐7.0% ‐8.1%
Source:LiedInstitutecalculationsusingCoreLogic DataandtheStateoftheCitiesDataSystems byU.S.DepartmentofHousingandUrbanDevelopment.*FiguresportrayThree‐MonthMovingWeightedAverages
RuralTrends
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Nevada’sHousingMarket |April2014
50100
150
200
250
300
AveragePriceinThousands
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Date(January2000‐April2014)
Existing NewSource:CoreLogicNote:Seriesare3‐monthweightedmovingaverages.
Single‐FamilyHomePrices0
2040
6080
MonthlyNum
berofSales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Date(January2000‐April2014)
REOSales ShortSalesSource:CoreLogicNote:Seriesare3‐monthweightedmovingaverages.
Single‐FamilyDistressSales
010
2030
40ShareofDistressSales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Date(January2000‐April2014)Source:CoreLogic
ShareofDistressSingle‐FamilyHomeSales
0200
400
600
800
MonthlyNum
berofSales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Date(January2000‐April2014)
Existing NewSource:CoreLogicNote:Seriesare3‐monthweightedmovingaverages.
Single‐FamilyHomeSales
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RuralTrends
Nevada’sHousingMarket |April2014
100
9080
7060
5040
3020
100
Percent
2010 2011 2012 2013 2014
Source:CoreLogic
(HomeValue‐MortgageBalance)EquityinQuarter1,2014
PositiveEquity NegativeEquity
0.5
11.5
CountinThousands
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Date(January2000‐April2014)
90+DaysDelinquent ForeclosureInventory
Source:CoreLogic
ForeclosureTrends
050
100
150
200
MonthlyFrequency
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Date(April2005‐April2014)
REO3‐MonthMovingAverage ActualREONOD3‐MonthMovingAverage ActualNOD
Source:RealtyTrac
NoticesofDefaultandRepossessions
050
100
150
200
MonthlyFrequency
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Date(April2005‐April2014)
NoticeofTrusteeSales 3‐MonthMovingAverage
Source:RealtyTrac
ResidentialHomeAuctions
Page| 22
About the Lied Institute
The Lied Institute was established in 1989 by the LeeBusiness School at the University of Nevada, Las Vegasto foster excellence in real estate education andresearch. Through partnerships with business andcommunity leaders, the Lied Institute strives toimprove the real estate business and effective publicpolicy practices in Southern Nevada. The instituteproduces relevant and timely real estate research,supports educational programs in real estateeconomics and finance for students and professionals,and provides community outreach and continuingeducation.
About the Department of Business & Industry
The Department of Business and Industry is a cabinetlevel agency in the Nevada State government. TheDepartment’s objective is to encourage and promotethe development and growth of business and to ensurethe legal operation of business in order to protectconsumers by maintaining a fair and competitiveregulatory environment. The Director’s office atBusiness and Industry manages a number of programsand initiatives to address the needs of smallbusinesses, homeowners and consumers includingsmall business advocacy, bond programs, access tocapital, housing retention programs, constituentservices and fraud prevention and education.
LiedInstituteforRealEstateStudies4505S.MarylandParkway,Box456025
LasVegas,NV89154‐6025
LuisA.LopezDataAnalyst
(702)895‐[email protected]
PeterCountsGraduateAssistant
DepartmentofBusiness&Industry555E.WashingtonAve#4900
LasVegas,NV89101
BruceBreslowDirector
(775)684‐[email protected]
AshokMirchandaniDeputyDirector(702)486‐4492
©Copyright2013ReportonNevada’sHousingMarketReadersmayreproducethepublication’sitemsiftheycitethepublicationnameanddate,andnotethecopyrightofLiedInstituteforRealEstateStudies,UniversityofNevada,LasVegasandtheStateofNevadaDepartmentofBusiness&Industry
Nevada’sHousingMarket |April2014