In a report from the Southern Nevada Home Builders Association, Las Vegas will be headed for a housing shortage by late 2009. This shortage is based on the growing job market.
Over the next 5 years, Las Vegas is expected to increase demand of housing, specifically condos and townhouses. Single family homes are expected to decrease in demand due to rising prices.
24,800 new condos are expected to be neede over the next 5 years compared with 18,400 condos produced in the past 5 years. Rentals are espected to increase from 40% to 43% in that time.
Housing analyst Dennis Smith of Home Builders Research said he doesn't necessarily agree with the report's conclusion that there will be less demand for single family homes. Almost any family with children would prefer a detached home with a large yard, he said. Affordability is another issue.
"There may a shortage of single family homes. Does that translate that there's no demand for single family homes? No way," said Smith.
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