But it doesn’t send a good signal to buyers or sellers about market conditions, Marr indicated.Īll told, the months-long housing slowdown, locally and nationally, marks a swift change from the heated market of the not-so-distant-past.įueled by rock-bottom mortgage rates that let people stretch their budgets - and by an influx of out-of-state buyers - Southern Nevada’s housing market last year accelerated to its most frenzied pace in years.
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The average rate on a 30-year home loan last month was 5.22 percent, down from 5.52 percent in June but up from 2.84 percent in August 2021, mortgage buyer Freddie Mac reported.įalling prices could, in theory, spur more demand. But, he added, it may not rebound for another year or two.Īs he sees it, mortgage rates would have to tumble for more buyers to come back. Taylor Marr, deputy chief economist with real estate brokerage Redfin, figures the nationwide sales drop has bottomed out. “Until and unless mortgage rates drop substantially, I don’t quite see how that standoff gets resolved,” Tucker said. Meanwhile, people looking to buy a home also face higher mortgage rates, so they could be unwilling to pay what sellers want. They can wait for market conditions to improve, Tucker said. They also probably bought their place for less than what they would pay now, he indicated. The flow of new listings has slowed as existing homeowners may be carrying a lower mortgage rate than what they could land on a new purchase. Jeff Tucker, senior economist with listing site Zillow, noted it’s difficult to forecast but said the national sales slowdown “could drag on for another year or two,” adding that there seems to be a “standoff” between buyers and sellers.
And two housing trackers told me Friday they don’t expect sales to rebound quickly. Las Vegas is far from alone, as markets around the country are also hitting the brakes. Sales totals are tumbling, available inventory has soared, and sellers are increasingly dropping their prices. Now that it’s come to an end, we’re left with another question: how long will the market keep slowing?īuyers are pulling back in Southern Nevada as higher mortgage rates wipe out the cheap money that fueled America’s unexpected housing boom after the pandemic hit. Cannon/Las Vegas Review-Journal) year, when buyers were snapping up houses in Las Vegas at a rapid clip, it was anyone’s guess how long the hot streak would last. A home for sale at 1608 Sombrero Drive in Las Vegas Friday, Sept.
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