The housing market started 2023 on a slow note, and though mortgage rates have been volatile lately, buyers have been returning.
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A sharp jump in mortgage rates has sparked big drops in home sales, widespread price cuts and huge increases in available inventory.
Las Vegas house prices dropped to their lowest level of the year last month as higher mortgage rates throws cold water on the market.
The median sales price of previously owned single-family homes was $450,000 last month, unchanged from August.
Sales have been tumbling in Las Vegas and around the U.S., and if borrowing costs keep falling, it could spark more buying activity.
Las Vegas house prices drop for first time in over two years as sales keep falling.
Amid the typically busy spring buying season, around 3,000 previously owned single-family homes traded hands last month, down 8 percent from March.
“We keep expecting prices to slow down at some point, but it’s not happening yet,” LVR President Brandon Roberts said in a news release.
The deal’s acreage and dollar amount were on par with, if not higher than, recent full-year land sales totals in the community.
Summerlin and three other Southern Nevada master-planned communities ranked among the 25 top-selling areas in the nation for homebuilders.