A new report on the Las Vegas housing market is out. The latest report from Las Vegas Realtors shows tight inventory and high interest rates are shaping the market.
Real estate experts say its a challenging housing market in Southern Nevada right now, especially for locals who are looking to buy their first home.
According to Las Vegas Realtors, a single-family home in Las Vegas will now cost you about $449,000, which is a 2% jump from this time last year.
Meanwhile, condo prices jumped 3.6% with a median price of $275,500.
Chairman and CEO of Coldwell Banker Premier Realty, Bob Hamrick, has optimism that the market remains resilient.
We havent seen the type of increase that we either enjoyed as a seller or didnt like as a buyer that we enjoyed over the last couple of years, Hamrick.
Homes available to buy, though, are limited. Las Vegas Realtors report 46.7% fewer homes available than October of last year.
Inventories yes are tight, but we are fortunate in Las Vegas to have the benefit of builders who are providing inventory to our market in addition to sellers who need to sell, Hamrick added.
Even if you do find an available home, interest rates of about 7.5% shuts many potential buyers out of the market.
Hamrick says to look at new home builds for better interest rates.
"Some builders are offering starting rates as low as 3.75%. And when you consider the amount of additional sales price that a purchaser can buy because of that lower interest rate, it could take someone from a $400,000 purchase to a $600,000 purchase for the same mortgage payment, Hamrick said.
Meanwhile Hamrick says sellers are in a good spot because of low inventory. He says theres plenty of cash buyers from California looking to compete.
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