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Las Vegas Homes BlogLas Vegas real estate blog with market conditions, news and availability of Las Vegas homes and condos as presented by RE/MAX Associates. Wednesday, December 13, 2006Nevada No Longer Number 1
These days it seems like everyone wants to be down on Las Vegas. There is talk of a housing bubble, some highly publicized Las Vegas condos projects weren't constructed, and that the local economy is on the fritz.
While these topics are debatable, one fact that is not debatable is that Nevada is no longer that fastest growing state in the United States. After 19 years in the top spot, Nevada has fallen from first place in leading the nation in population growth to the number two slot. Statistics released at the beginning of the week show that Nevada was pushed out of the top spot by Idaho in 2006. Even with the slip at number one, Las Vegas gaming revenues are up. Gaming revenues are expected to increase by 5% next year. In the housing market it appears as though new house prices are starting to level off and new housing construction permits are starting to decline. There are many speculations as to why this is but with Nevada dropping out of the top spot for population growth and rising construction costs, it's pretty easy to understand were the real estate market will be next year. |
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