Real Estate Information Archive

Déjà vu on the headline?  You bet.  This week, it was announced Las Vegas home affordability is nearing an all-time high.  The number of Pending Sales in the Las Vegas market  at a almost 3 year high.   Why the big increase in sales?  Rates under 5%, home prices off 55% from their high, and plenty of selection are all factors.  Closed sales are up 105% versus last year to date.  The luxury segment is the low point of the market, off 59% from last year.  Total inventory of homes is down 7.7% in past 9 weeks.

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Pending Sales blast through 8000!  In Las Vegas, this past week, homes under contract surpassed the 8000 mark – a point not seen since late 2006.  Higher pending sales today mean higher closings tomorrow.  Today’s market is a gift.  Home prices not seen since the 1990’s, and interest rates under 5% are creating an incredible home buying climate.  Supply (inventory/# sold) is just under 7.5 months.  YTD closed units are 105% ahead of last year.  Interesting point – more than 60% of all condo sales are cash.  Lack of lending money for condo units is leading to significant price declines required by cash buyers.

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