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.
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America’s casino capital has emerged as a competitive player in the warehousing and distribution industry.
Rates continue to hover around 7 percent, as the “dynamics of a once-hot housing market have faded considerably,” an economist said.
The resort “survived” the storm but suffered damage from “falling cranes” and “water intrusion,” the CEO said.
Homebuilders notched 580 net sales in Southern Nevada in September, up 19% from August but down almost 41% from September of last year.
Mortgage rates fell in August, helping new home sales, but borrowing costs have since climbed higher.
Strada Development Group has filed plans for a 22-story project in downtown Henderson.
The shuttered former home of Vickie’s Diner and White Cross Market is listed for $13 million.
The first tenants are slated to move to Narrative, a four-story project, by December.
Bally’s, which is buying the Tropicana, announced that its board formed a committee to evaluate a buyout offer.