By Eli Segall Las Vegas Review-JournalJune 12, 2021 – 2:09 pm
Las Vegas’ housing market, after months of frenzied activity, is showing some signs that it’s tapping the brakes.
Resale totals have fallen the past two months, and available inventory has climbed for three straight months as house prices keep setting all-time highs. Homebuilders also have seen drops in sales and customer traffic during what is historically the spring buying season.
Nationally, the homebuying binge appears to be cooling, too.
“The housing market was going 100 miles per hour and now it’s down to 80,” Daryl Fairweather, chief economist of listing site Redfin, said in a report this month.
Of course, there are still more than a few signs that Las Vegas’ housing market remains in overdrive, and there’s no way to predict whether sales will keep falling or inventory will keep rising. Overall, sales prices are still going up, houses are still selling rapidly, and the tally of available listings remains small.Loaded: 78.97%CaptionsFullscreenUnmuteWatch— now streamingDad remembers boy found in Mountain Springs
“What do we have, 12 days’ supply?” said broker Aldo Martinez, president of trade association Las Vegas Realtors.
Fueled by cheap money, buyers have been showering Southern Nevada houses with offers, often within days of hitting the market, and routinely paying over the asking price, multiple sources have said.
Out-of-state buyers, especially Californians, have been purchasing more homes than usual in less-expensive Las Vegas, in no small part because people have been working from home during the pandemic without the need for a commute.
Amid the surge of demand, homebuilders have put buyers on waiting lists, and on the resale side, buyers have offered perks to get their bids accepted, including letting sellers stay in the home rent-free after the deal closes to give them time to find a new place.
When, or how, the buying boom ends is anyone’s guess. But house hunters have pulled back lately as the streak of record-high prices raises concerns that some people are getting priced out.