Las Vegas homebuilders ended 2022 with sharp drops in sales and construction plans from year-earlier levels, capping a dramatic change for the once-heated market.
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Jennifer Harley’s two-story house in the suburbs boasts panoramic views, marble flooring and a sunken fire pit in the backyard.
The International Builders’ Show is projected to host more than 1,000 exhibitors and draw more than 57,000 attendees.
Builders sold 782 homes in Las Vegas’ largest master-planned community last year, down 52 percent from 2021, according to separate reports last week from two consulting firms.
A sharp jump in mortgage rates has sparked big drops in home sales, widespread price cuts and huge increases in available inventory.
“The conversation has changed from how high prices have gone to how far and how quickly they are falling.”
Southern Nevada’s housing market pumped the brakes in 2022 amid fast-rising mortgage rates. But it wasn’t the first time increased borrowing costs slowed home sales.