After a sharp slowdown in 2022, Southern Nevada’s housing market started the new year still trekking down the same path.
Housing
The Nevada Housing Division and the Nevada Rural Housing Authority received $10 million to help first-time homebuyers.
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.
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.
Southern Nevada’s market remains in something of a logjam, and industry experts predict a muted year ahead for housing nationwide.
An industry group cited high mortgage rates, elevated construction costs and “flagging consumer demand due to deteriorating affordability conditions.”
The former Alpine Motel Apartments complex is rebuilt, boasting a menu of tech features, and “100 percent safe” according to asset manager Robin Willett.
The recent decline in rates “has been large,” but homebuyer sentiment “remains low with no major positive reaction in purchase demand.”
A formerly quiet, sprawling tract of land near the Strip is becoming a Formula One racetrack and the owner of a rental property next door is looking to sell for a hefty sum.
Las Vegas house prices dropped to their lowest level of the year last month as higher mortgage rates throws cold water on the market.
