There’s no way to predict where the market will head in the coming months, but for now, it’s cooling off.
Business Columns
Locally and nationally, the number of price cuts rose for the third consecutive month in May.
Housing markets are prone to ups, downs and other shifts, especially in Las Vegas, and there’s no telling how long the current trends will last.
A local developer has launched a new apartment project in downtown Las Vegas after he built and leased one up in the Arts District.
Fueled by cheap money, Las Vegas is in a prolonged homebuying boom.
Last year’s sales tally was the highest since 2006 during Las Vegas’ wild, yet doomed, real estate bubble.
The priciest and cheapest house sales of 2021 were separated by more than just many millions of dollars.
Southern Nevada logged the most resales on record in 2021, prices have been hitting new all-time highs practically every month, and houses have been trading rapidly.
Southern California real estate firms Lyon Living and LandSpire Group recently started construction on a 294-unit rental complex at The Gramercy in the southwest valley.
Southern Nevada prices have been on a stomach-churning ride the past two decades: The market floors it, hits the brakes, and repeats.
Over the past several months, some signs that Southern Nevada’s market was tapping the brakes have come and gone.
Some 15 years ago, a builder’s plan to construct high-rises in southwest Las Vegas failed, leaving a giant hole. Now another developer is moving forward with a plan for a big apartment complex there.
Housing markets are always prone to ups and downs, especially in Las Vegas, and no boom lasts forever.
Before last year, Las Vegas’ median house price peaked in mid-2006 at $315,000 – which, adjusted for inflation, is $423,834 in today’s dollars.
After going up in flames early last year, the home was listed for sale July 22, and six different investors made offers.