Las Vegas tops list of overbuilt cities
NuWire Investor recently reported that Las Vegas is the number one spot on its list of the top five overbuilt cities. According to the article, the home inventory reached 23,642 in June, 40 percent of which were vacant.
The article also says that condos and townhouses have been overbuilt and are spending an average 335 days on the market. Average single-family homes were spending about 115 days on the market.
However, the city’s growth is likely to help recovery. With nearly 1.8 million people in the valley, Las Vegas is expected to recover from the overbuilding faster than other cities on the list, which includes Phoenix, Orlando, Miami and West Palm Beach.
Read the article here.
