The first-time buyer share of the market dropped to 26 percent over the past year. Historically, first-time buyers make up 40 percent of the homebuying market.
Real Estate Insights
While many comment on the fact that fewer homes were sold than a year ago, most are failing to state that a year ago, our market was still seeing unprecedented highs north of 26 percent increase in home prices year over year. This is something we have never witnessed in our lifetime and was not sustainable. So, are we experiencing a decline in home sales from one year earlier? Absolutely we are. Is the sky falling? Absolutely not.
I’m in a Las Vegas state of mind.
The Nevada Housing Coalition estimates the state has a deficit of more than 105,000 affordable units and is short roughly 84,000 units for extremely low-income renters, or those earning 30 percent or less of the area median income.
If you’re concerned about today’s housing market, rest assured. These things are cyclical. Conditions will always change at some point.
We can expect more “normal”conditions for the Las Vegas real estate market.
Local home prices leveled off last month, with more homes available for sale and fewer changing hands than one year ago.
As we enter 2023, we approach a market of balance, not favored to buyers or sellers, but neutral to both.
Today, more than ever before, working with a Realtor is a necessity.
Yes, it does appear that there will be challenges in 2023.
The leading indicator is that the market will remain stable and rebound.
The leading indicator is that the market will remain stable and rebound.
I’m regularly being asked my predictions for 2023. HA, HA, HA!
With home interest rates sitting at the highest rate in years, the housing market seems to indeed be cooling off. Home sellers aren’t seeing the same quick turnaround that was so prevalent in Southern Nevada just a year ago.
Whatever the 2023 holds, real estate will continue to be the most reliable long-term investment and a celebrated way to generate wealth.