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ReportonNevada’sHousingMarket
November2016
ThisseriesofreportsonNevada’sHousingMarketispresentedbytheLiedInstituteforRealEstateStudiesattheUniversityofNevada,LasVegas.ThesereportsprovidemonthlyupdatesonhousingmarkettrendsforstakeholdersthroughoutNevada.
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Nevada’sHousingMarket |November2016
TableofContents
NevadaStatewideTrends…….................................... 2
NorthernTrends………………………………………….. 10
SouthernTrends………………………………………….. 14
RuralTrends…………………………………………........... 18
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Nevada’sHousingMarket |November2016
NevadaStatewideTrends
Population:2,890,845 in2015 HousingUnits:1,209,756 in2015
Source:U.S.CensusBureau:StateandCountyQuickFacts
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NevadaStatewideTrends
Nevada’sHousingMarket |November2016
Nye
Elko
Clark
Lincoln
Humboldt
Washoe
WhitePine
Lander
Pershing
Eureka
Churchill
Mineral
Lyon
Esmeralda
Douglas
Storey
CarsonCity
Single‐FamilyHomeSales* November2016 M2MChange Y2YChangeNew 813 +9.7% ‐3.3%Existing 4,461 +1.5% ‐3.8%DistressShare 10.4% +1.1% ‐19.0%
ResidentialConstructionTotalStarts 1,252 +36 +106Single‐Family 799 ‐19 +139Multifamily 453 +55 ‐33
AverageSingle‐FamilySalesPrice*New $382,159 +2.2% +7.1%Existing $239,828 ‐0.1% +1.9%Distress $190,049 +0.2% +7.7%
Source:LiedInstitutecalculationsandtheStateoftheCitiesDataSystems byU.S.DepartmentofHousingandUrbanDevelopment.*FiguresportrayThree‐MonthMovingWeightedAverages
StatewidenewhomesalessawalargemonthlyincreaseasbothSouthernandRuralNevadasawlargeincreasesinnewhomesales.NorthernNevadacontinuedtoseealargedecreaseinnewhomesales.
SouthernNevadasawamonthlyincreaseinthedistresssharewhileNorthernNevadasawalargemonthlydecreaseinthedistressshare.AllthreeregionsinNevadasawalargeyearoveryeardecreaseintheshareofhomessoldunderdistress.
Statewidetotalresidentialconstructionstartsincreasedonayearoveryearbasisforthetenthconsecutivemonth.
BothNorthernandSouthernNevadasawmonthlyincreasesinnewhomepricesandsmallchangesinexistinghomeprices.November2016wasthefourthconsecutivemonthwhereexistinghomepricesdecreased.
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 number of those transactions for both existing and newhomes. A seasonal pattern is obvious in the Single‐Family Home Sales graph, with more home sales during the summer thanduring the winter.
Nevada’sHousingMarket |November201610
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Existing New
Note: Series are 3-month weighted moving averages.
Single-Family Home Prices
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Note: Series are 3-month weighted moving averages.
Single-Family Home Sales
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Date (1 Quarter 2000 - 3 Quarter 2017)
Las Vegas Reno Nation
Source: National Association of Home BuildersNote: Series denote the proportion of home sales affordable at median income.
Housing Affordability
NevadaStatewideTrends
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The Housing Affordability figure shows the proportion of home sales that could have been bought by borrowers earning atleast the local median income, with a conventional loan. This index was developed by the National Association of HomeBuilders (NAHB), to provide a benchmark of affordability. The other figure, Nevada Single‐Family Homes for Sale, shows thenumber of homes available for sale at the end of the month. These numbers include new listings that are awaiting a purchasingcontract, as well as homes that are under contract and about to sell.
Nevada’sHousingMarket |November2016
Equilibrium
1020
3040
50W
asho
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stin
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Hun
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190
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70C
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undr
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2006 2008 2010 2012 2014 2016Date (January 2007 - November 2016)
Clark Washoe
Source: Greater Las Vegas Association of Realtors and Reno-Sparks Association of Realtors
Nevada Single-Family Homes for Sale
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. The long term decline in that share continues, evenas the number of such sales remains roughly level, indicating an increasing number of “normal” sales.
Nevada’sHousingMarket |November2016
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Date (January 2000 - November 2016)
Share of Distress Single-Family Home Sales
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Date (January 2000 - November 2016)
REO Sales Short Sales
Note: Series are 3-month weighted moving averages.
Single-Family Distress Sales
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 |November2016
14.1818.99
25.25
31.99
57.34
61.46
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100
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cent
2011 2012 2013 2014 2015 2016
(Home Value - Mortgage Balance)Equity Measures as of Quarter 3, 2016
Positive Equity Negative Equity
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90+ Days Delinquent Foreclosure Inventory
Foreclosure Trends
NevadaStatewideTrends
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The first figure shows the monthly number of Notices of Default and Repossessions. The Notice of Default (NOD) is the initialstage of foreclosure that starts at least 90 days after the homeowner’s mortgage default date. Not all homes that receive a NODwill necessarily be foreclosed. There exist other alternatives homeowners can invoke such as a loan modification, deed‐in‐lieuof foreclosure, and short sale. The other figure, Residential Home Auctions, shows the monthly number of homes that receiveda Notice of Trustee Sale and underwent a public auction. It includes both the successful and unsuccessful auctions. Those thatwere unsuccessful revert back to the lender.
Nevada’sHousingMarket |November2016
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Notice of Trustee Sales 3-Month Moving Average
Residential Home Auctions
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REO 3-Month Moving Average Actual REONOD 3-Month Moving Average Actual NOD
Notices of Default and Repossessions
1.251.75.5.250Mortgage Foreclosure Starts as Percent of Stock
WisconsinSouth Carolina
KentuckyMassachusetts
MissouriTennessee
FloridaWyomingLouisiana
Rhode IslandGeorgia
IllinoisPennsylvania
DelawareWest Virginia
ConnecticutMaine
IndianaNew YorkAlabamaArkansasMaryland
OhioMississippiNew Jersey
Source: Mortgage Bankers Association's National Delinquency Survey
3rd Quarter 2016Top 25 States in Foreclosure Starts
121086420Percent of Loans in the Foreclosure Inventory
LouisianaKentucky
IndianaMaryland
OklahomaPennsylvania
MassachusettsIllinois
Ohio11. Nevada
Rhode IslandVermont
DelawareConnecticutNew Mexico
FloridaHawaiiMaine
New YorkNew Jersey
Source: Mortgage Bankers Association's National Delinquency Survey
3rd Quarter 2016Top 20 States in Foreclosure Inventory
NevadaStatewideTrends
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These figures rank Nevada nationally on the basis of data provided by The Mortgage Bankers Association’s NationalDelinquency Survey. The Top 20 States in Foreclosure Inventory uses the proportion of outstanding loans that are 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 25 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 |November2016
Ranked11in2016Q2
Ranked22in2016Q2
1.95Nevadaranked29in2016Q3at0.30
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Nevada’sHousingMarket |November2016
NorthernTrends
Population:629,906in2015 HousingUnits:271,431in2015
Source:U.S.CensusBureau:StateandCountyQuickFacts (CarsonCity,Churchill,Douglas,Lyon,Storey,andWashoeCounty)
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NorthernTrends Newhomesalesdecreasedonamonthtomonthbasisforthe
seventhconsecutivemonth.Existinghomesalesdecreasedforthesixthconsecutivemonth.
TheNovember2016distresssharedecreased1.8percentagepointsandwasthelowestithadbeensinceJune2006.Thislargedecreasewasdrivenbyalargereductioninshortsales.
Averagenewhomepriceshavestayedwithin2percentof$400,000sinceMay2016.Averagenewhomepriceswereup$35,000sinceNovember2015.
Existinghomepricesdecreasedonamonthtomonthbasisforthesecondconsecutivemonth.ExistinghomepricesdecreasedonayearoveryearbasisforthefirsttimesinceMay2012.
Nye
Elko
Clark
Lincoln
Humboldt
Washoe
WhitePine
Lander
Pershing
Eureka
Churchill
Mineral
Lyon
Esmeralda
Douglas
Storey
CarsonCity
Nevada’sHousingMarket |November2016
Single‐FamilyHomeSales* November2016 M2MChange Y2YChangeNew 47 ‐17.0% ‐66.6%Existing 622 ‐7.6% ‐41.6%DistressShare 3.8% ‐33.3% ‐62.2%
ResidentialConstructionTotalStarts 316 ‐153 ‐8Single‐Family 188 +37 ‐18Multifamily 128 ‐190 +10
AverageSingle‐FamilySalesPrice*New $406,276 +2.4% +9.4%Existing $290,799 ‐1.3% ‐0.1%Distress $233,670 ‐2.5% +12.4%
Source:LiedInstitutecalculationsandtheStateoftheCitiesDataSystems byU.S.DepartmentofHousingandUrbanDevelopment.*FiguresportrayThree‐MonthMovingWeightedAverages
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NorthernTrends
Nevada’sHousingMarket |November2016
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Date (January 2000 - November 2016)
Existing New
Note: Series are 3-month weighted moving averages.
Single-Family Home Prices
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REO Sales Short Sales
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Single-Family Distress Sales
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NorthernTrends
Nevada’sHousingMarket |November2016
7.7411.3517.83
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48.8053.22
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(Home Value - Mortgage Balance)Equity Measures as of Quarter 3, 2016
Positive Equity Negative Equity
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90+ Days Delinquent Foreclosure Inventory
Foreclosure Trends
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Residential Home Auctions
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REO 3-Month Moving Average Actual REONOD 3-Month Moving Average Actual NOD
Notices of Default and Repossessions
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Nevada’sHousingMarket |November2016
SouthernTrends
Population:2,114,801 in2015 HousingUnits:871,807in2015
Source:U.S.CensusBureau:StateandCountyQuickFacts (ClarkCounty)
Nye
Elko
Clark
Lincoln
Humboldt
Washoe
WhitePine
Lander
Pershing
Eureka
Churchill
Mineral
Lyon
Esmeralda
Douglas
Storey
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SouthernTrends
Nevada’sHousingMarket |November2016
Single‐FamilyHomeSales* November2016 M2MChange Y2YChangeNew 743 +10.9% +9.5%Existing 3,638 +4.0% +9.2%DistressShare 11.5% +4.5% ‐15.5%
ResidentialConstructionTotalStarts 925 +192 +120Single‐Family 600 ‐53 +163Multifamily 325 +245 ‐43
AverageSingle‐FamilySalesPrice*New $385,317 +2.8% +8.1%Existing $236,454 +0.5% +5.1%Distress $190,777 +0.8% +8.9%
Source:LiedInstitutecalculationsandtheStateoftheCitiesDataSystems byU.S.DepartmentofHousingandUrbanDevelopment.*FiguresportrayThree‐MonthMovingWeightedAverages
Newhomesalessawa10.9percentmonthlyincrease.Therewere743newhomesalesinNovember2016– thelargestmonthlytotalsinceNovember2012.
Existinghomesalesincreasedforthesecondconsecutivemonth,afterthreeconsecutivemonthswithlargedecreases.ExistinghomesaleswereupyearoveryearforthefirsttimesinceJune2016.
MultifamilystartstypicallyseealargemonthtomonthincreaseeachyearinNovemberforSouthernNevada.
SouthernNevadawasalsotheonlyregioninNevadawhereallhometypessawmonthtomonthandyeartoyearincreasesinprice.November2016wasthefourthconsecutivemonthwhereexistinghomepriceschangedlessthanonepercentonamonthtomonthbasis.
SouthernTrends
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Nevada’sHousingMarket |November2016
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Note: Series are 3-month weighted moving averages.
Single-Family Home Prices
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Note: Series are 3-month weighted moving averages.
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REO Sales Short Sales
Note: Series are 3-month weighted moving averages.
Single-Family Distress Sales
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SouthernTrends
Nevada’sHousingMarket |November2016
16.2421.56
27.8534.54
60.6464.67
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cent
2011 2012 2013 2014 2015 2016
(Home Value - Mortgage Balance)Equity Measures as of Quarter 3, 2016
Positive Equity Negative Equity
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Foreclosure Trends
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Notices of Default and Repossessions
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Notice of Trustee Sales 3-Month Moving Average
Residential Home Auctions
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Nevada’sHousingMarket |November2016
RuralTrends
Population:146,138 in2015 HousingUnits:66,518in2015
Source:U.S.CensusBureau:StateandCountyQuickFacts (Elko,Esmeralda,Eureka,Humboldt,Lander,Lincoln,Mineral,Nye,Pershing,andWhitePineCounty)
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RuralTrends Newhomesalesincreasedonayearoveryearbasisafterseven
consecutivemonthswithyearoveryeardecreases.NewhomesaleswerethehighesttheyhadbeensinceAugust2015.
Existinghomesalesdecreasedonamonthtomonthbasisforthesixthconsecutivemonth.ExistinghomesaleswerethelowesttheyhadbeensinceFebruary2015.
November2016wasthethirdconsecutivemonthwhereallthreehometypessawamonthlydecreaseinprice.Newhomepricesdecreasedonayearlybasisforthethirdconsecutivemonth.
AveragenewhomepriceswerethelowesttheyhadbeensinceJune2014.November2016averagenewhomepricesweredown$13,000sinceNovember2015.
Nye
Elko
Clark
Lincoln
Humboldt
Washoe
WhitePine
Lander
Pershing
Eureka
Churchill
Mineral
Lyon
Esmeralda
Douglas
Storey
CarsonCity
Nevada’sHousingMarket |November2016
Single‐FamilyHomeSales* November2016 M2MChange Y2YChangeNew 22 +59.5% +13.6%Existing 178 ‐10.5% ‐14.1%DistressShare 10.3% +2.6% ‐17.9%
ResidentialConstructionTotalStarts 11 ‐3 ‐6Single‐Family 11 ‐3 ‐6Multifamily 0 +0 +0
AverageSingle‐FamilySalesPrice*New $223,664 ‐4.6% ‐5.6%Existing $142,566 ‐3.9% +11.5%Distress $112,631 ‐1.1% +18.4%
Source:LiedInstitutecalculationsandtheStateoftheCitiesDataSystems byU.S.DepartmentofHousingandUrbanDevelopment.*FiguresportrayThree‐MonthMovingWeightedAverages
RuralTrends
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Nevada’sHousingMarket |November2016
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Single-Family Distress Sales
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RuralTrends
Nevada’sHousingMarket |November2016
13.8516.1520.15
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cent
2011 2012 2013 2014 2015 2016
(Home Value - Mortgage Balance)Equity Measures as of Quarter 3, 2016
Positive Equity Negative Equity
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Foreclosure Trends
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Notices of Default and Repossessions
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Notice of Trustee Sales 3-Month Moving Average
Residential Home Auctions
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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.
LiedInstituteforRealEstateStudies4505S.MarylandParkway,Box456025
LasVegas,NV89154‐6025
EdwardCoulsonDirector
(702)895‐[email protected]
BettyCampbellProgramCoordinator(702)895‐4492
PeterCountsDataAnalyst
(702)895‐[email protected]
©Copyright2013ReportonNevada’sHousingMarketReadersmayreproducethepublication’sitemsiftheycitethepublicationnameanddate,andnotethecopyrightofLiedInstituteforRealEstateStudies,UniversityofNevada,LasVegas.
Nevada’sHousingMarket |November2016