Developers in Southern Nevada want more land

The lack of land in Southern Nevada for building new homes and other development remains a hot topic for builders and other developers.

The Southern Nevada chapter of NAIOP addressed the topic as did the Southern Nevada Home Builders Association.

In Southern Nevada, McCoy said while median prices are down 3.1 percent year-over-year, any repeat sales prices as measured by the Case-Shiller Index are down only 1 percent as the number of homes sold is down nearly 8 percent. Nationwide, the median prices are down 8.2 percent since 2022 while appreciation is up 7.3 percent.

“What you are witnessing in real time is the greatest reshuffling of the U.S. housing market that we have ever seen,” McCoy said. “We are seeing people moving and bidding up prices in lower-priced metros; and yet in the Southwest and Sun Belt, we are seeing home prices compress in Los Angeles and in the greater Las Vegas area.”

Home sales are down 7.7 percent year-over-year while new listings are down 8.2 percent, McCoy said of Southern Nevada.

“While prices are correcting, affordability remains a concern,” McCoy said. “There are a lot of ways we think through home affordability. Median homebuyers with a 20 percent down payment right now can afford a $355,503 house.”

Only 6 percent of 627 occupations in Las Vegas pay enough to afford a median-priced home, McCoy said.

The pockets of affordability in Las Vegas are in the northeast valley, along Boulder Highway and east and west of I-15, south of the Strip and north of the 215 Beltway, he indicated…