Las Vegas Homes For Sale - Bad News!

Las Vegas Homes For Sale - Bad News! The bad news continues for the overall real estate market, especially for most all of the Las Vegas homes for sale. Mortgage rates are now at the highest levels in 20 years yet many people continue to foolishly buy into this housing market. Housing demand has remained strong through the spring and summer with only 3,500 Las Vegas homes for sale currently on the market. Although inventory for Las Vegas homes for sale has slowly declined this year, the amount of homes for sale in Las Vegas is likely going to increase soon. As most home buyers now face 8% mortgage rates, the fall season typically slows down home buyer activity, especially with less buyers now able to qualify. The median home price of the many Las Vegas homes for sale currently stands at just under $450,000, down from last year's peak of $482,000. The economic uncertainty coming later this year coupled with soaring interest rates hints at a potential decline and even collapse of real estate prices as we get closer and into 2024. This could cause the current amount of Las Vegas homes for sale to increase while sending prices lower. The bad news for home buyers is having to be patient and wait for lower prices which could take time to unfold. As a potential home buyer, being patient unfortunately is still the best option before buying a home, especially any of the Las Vegas homes for sale. As interest rates and mortgage rates remain elevated or go higher, home prices, particularly Las Vegas homes for sale, will likely start to recede soon. Many housing forecasts are predicting home prices to decline as we get closer and into 2024 so waiting things out is a wise option, especially 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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