Real estate stocks surged to their highest level since February 2016 on Monday, fueled by a surge in construction activity in Nevada and the state’s overall economic recovery.
The benchmark S&P 500 index closed higher for the year as the state was able to continue its recovery.
Construction activity is expected to rise as a result, and the national market is benefiting from a recovery in housing activity in the U.S. The S&s is down about 3.5% this year.
Nevada real-estate stocks were up 2.3% on Monday and the S&ing index was up 3.3%.
Investors have largely cheered on Nevada’s economic recovery as the country recovers from the Great Recession.
Real estate prices are up and there are more construction jobs than ever, according to a recent analysis by S&am Group Inc.
The recent surge in demand in the state comes as the economy continues to slow down.
Nevada’s unemployment rate is at a low of 3.1% and the jobless rate is forecast to drop to 4.4% by the end of 2018.
Nevadas unemployment rate declined to 3.4 percent in February, according a recent survey by the state Labor Department.
That compares with an unemployment rate of 4.9% in October.
The S&amm Group index rose 0.7% to 5,827.77.
The benchmark U.K. MSCI Emerging Markets index was down 0.6% to 4,967.60.
The median home price in the United States has risen by almost $1,000 in 2017, according the Real Estate Investment Trust of America.
The median price of a home in Nevada is up about 3% since last year, according with the Realty Board of Nevada.
The housing market in the State of Nevada has been so strong over the past couple of years that it has allowed investors to purchase homes for pennies on the dollar compared to the median sales price of $2,300 a home.
Real Estate Investment trust President and CEO Brian Smith told the Reno Gazette-Journal that while the recent rally in real estate is good news, he is concerned about the lack of supply.
The housing market has been a great catalyst for real estate investors, he said.
The economy is still weak.
We have a lot of things that need to be done.
I think the next three months will be crucial for the housing market.
