June 27, 2018, WALTHAM, Mass. — This month’s Pro Teck Valuation Services Home Value Forecast examines the looming housing crisis in Nevada, particularly how the lack of inventory will impact pent up demand.
Housing starts that averaged more than 29,000 per year in the nine years leading into the crisis, fell to a low of 4,633 in 2009. This slow-down in production led to the housing deficit reaching over 138,000 homes in 2017, more than double the deficit from just five years before. With roughly 13,000 new housing starts this past year, Nevada is looking well into the future before they’re able to meet the demand.
In this month’s report, we look at just how many new housing starts will be needed in the next decade to close the gap.
“Unfortunately, the slow-down in production during the housing crisis has put the entire state significantly behind, a phenomenon we are seeing across the country,” said Tom O’Grady, CEO of Pro Teck.
Click here to read the entire forecast, including data and graphs that further highlight market trends discussed in this release.
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Home Value Forecast (HVF) is brought to you by Pro Teck Valuation Services. HVF provides insight into the current and future state of the U.S. housing market and delivers 14 market snapshot graphs from the top 30 CBSAs.
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