Home appreciation in Nevada
The median home prices in Nevada reached new heights in the July 2005. Excluding the apartment conversion the prices of new homes were $317,909 and that of the resale houses were $280,000. In home appreciation list, Nevada is at the topmost place followed by Arizona, Hawaii and California. Some not very commonly thought of cities have made to the list of top 20 cities because of better land affordability. Compared to the typical cities like Las Vegas, Los Angeles the ratio of land prices and appreciation value is better in other cities.Nevada has an appreciation rate of 28.1%, Arizona 27.8%, Hawaii 25.9% and California 25.2%. The less known cities are providing greater gains for the investors hence they are investing their money there. Many Las Vegas based companies are moving towards Victorville in California because the land value in Las Vegas has become out of reach for the investors. The reason behind this price hike is speculative investing and low mortgage interests. The home appreciation rates cannot continue at the same level because of the inflation rate, income growth and other factors.
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