Las Vegas Homes For Sale - Brutal News!

Las Vegas Homes For Sale - Brutal News! With continually high interest rates, the real estate market is on shaky ground as the first quarter of 2023 comes to an end. More specifically, the amount of Las Vegas homes for sale has decreased slightly since the start of 2023 but buyers now face more challenges due to higher mortgage rates. The current average mortgage rate now sits at near 7% or more which is brutal news for home buyers compared to last year when rates were approximately half that amount. The average mortgage payment is now almost $2,600 per month which is 28% more than this time last year. Overall, the inventory for Las Vegas homes for sale potentially can increase as home buyers struggle to qualify at such high mortgage rates. Several national home builders continue to reduce or incentive offers for home buyers. Home prices in Las Vegas have seen an approximate drop of 12% from the peak prices of May of 2022. The sales totals of Las Vegas homes for sale has dropped rapidly since the peak of last year, mostly due to soaring interest rates. There will continue to be thousands of Las Vegas homes for sale and lower prices compared to last year although higher mortgage rates unfortunately now creates more affordability issues. The real estate market is very dependent on interest rates so we'll see how it plays out this year in 2023.

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Jerry Abbott
NV License # S.0183274
Summit Properties
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