Las Vegas Homes For Sale – Big Trouble! We are now in the peak buying season for real estate but there could be big trouble coming later this year for the housing market. The economy is poised to hit rough water later this year as interest rates continue to soar. This could cause a recession and crater home prices. There are now just over 4,000 Las Vegas homes for sale but these numbers change weekly. Although the inventory for Las Vegas homes for sale has slowly declined this year, the amount of homes for sale in Las Vegas are still up over 100% from this time last year. There is big trouble brewing for the real estate market later this year as less buyers will qualify or seek home ownership because of soaring interest rates. The average price of the many Las Vegas homes for sale now stands at $430,000, down from last year’s peak of $485,000. The economic uncertainty coming this year coupled with soaring interest rates spells big trouble for the housing market. This could cause the current amount of Las Vegas homes for sale to increase while pushing prices lower. Mortgage rates for the average borrower is now over 8%, the highest level not seen in 20 years. Along with high mortgage rates, home prices also remain very high. As a buyer, I would continue to be patient before potentially buying any of the numerous Las Vegas homes for sale. As interest rates and mortgage rates remain high and likely increase, home prices, especially Las Vegas homes for sale, could further recede, albeit it more slowly over the course of 2023 and 2024. Many forecasts are predicting home prices to decline later this year so being patient is a wise option, particularly if you’re thinking of buying one of the many Las Vegas homes for sale.
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Jerry Abbott
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Summit Properties
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