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Looking for a new home? They’re getting harder to find in Las Vegas

Updated July 7, 2023 - 5:11 pm

Las Vegas leads the way when it comes to a drop in new home listings coming onto the market year over year, according to a new report from Redfin, an online real estate brokerage.

The city ranked first out of the 50 biggest metros in the U.S., with a 47.5 percent drop in new listings for June, compared with the same month in 2022. Las Vegas beat out Phoenix (41.1 percent), Riverside, California (36 percent), Oakland, California (34.9), and New Brunswick, New Jersey (34 percent), to round out the top five.

According to the report, a supply pinch is a big driver for numbers nationwide, but demand may be starting to turn around as the average sale-to-list-price ratio has hit 100.1 percent. This is the first time in close to a year that the average home across the country is selling for more than its asking price.

“A lack of homes for sale is the main reason homes are selling above their asking price, with new listings down 25 percent from a year ago and the total number of homes for sale down 12 percent as homeowners hang onto relatively low mortgage rates,” the report said. “Despite the double dilemma of low inventory and high prices, early-stage homebuyer demand is picking up.”

The U.S housing market has been on a roller coaster ride since the start of the pandemic in early 2020, when cheap money fueled by economic shock brought on historically low interest rates, leading to a buyer’s frenzy. Real estate in Las Vegas and across the country saw record-smashing prices, listings and sales in both 2021 and 2022, but 2023 appears to be a return to normalcy when it comes to the local and national markets.

Las Vegas also almost topped another category, as only Austin, Texas, saw a bigger drop year over year last month than Las Vegas when it came to home sale price declines in major cities.

Home sale prices in Austin saw a 9.8 percent decline year over year, beating out Las Vegas (7.6 percent), Detroit (6 percent), Oakland (5.9 percent) and Fort Worth, Texas (5.7 percent), to round out the top five.

The cities that saw the biggest increase in home sale prices were Milwaukee (11.2 percent), followed by Providence, Rhode Island (8 percent), Newark, New Jersey (6.3 percent), Miami (6.2 percent) and West Palm Beach, Florida (5.5 percent).

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.

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