How is the market?

January 2024 Las Vegas Real Estate Market Update

Our monthly report by Las Vegas REALTORS (LVR) shows how our local market did in the first month of 2024. Once again our home prices are continuing to inch upward in part because our inventory is still quite low

🏠 The median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during January was $445,000 -+4.7% from January 2023's median price of $425,000Home prices are still below the all-time median sales price record of $482,000 set in May of 2022. 

The median price of a condominum in Las Vegas is now $275,000 -+7.8% from January...

Super Bowl in Las Vegas

Super Bowl in Las Vegas! Who would ever think? So happy for our city, we are booming!

Here’s the breakdown for these two housing markets. Who do you think wins?

Here’s the breakdown for these two housing markets. Who do you think wins?

...

How Inflation Affects Mortgage Rates

20230803-How-Inflation-Affects-Mortgage-Rates_seevegashomes

When you read about the housing market in the news, you might see something about a recent decision made by the Federal Reserve (the Fed). But how does this decision affect you and your plans to buy a home? Here's what you need to know.

The Fed is trying hard to reduce inflation. And even though there’s been 12 straight months where inflation has cooled (see graph below), the most recent data shows it’s still higher than the Fed’s target of 2%: ...

Lending Standards Are Not Like They Were Leading Up to the Crash

You might be worried we’re heading for a housing crash, but there are many reasons why this housing market isn’t like the one we saw in 2008. One of which is how lending standards are different today. Here’s a look at the data to help prove it. 

Every month, the Mortgage Bankers Association (MBA) releases the Mortgage Credit Availability Index (MCAI). According to their website:

“The MCAI provides the only standardized quantitative index that...

Think Twice Before Waiting for Lower Home Prices

As the housing market continues to change, you may be wondering where it’ll go from here. One factor you’re probably thinking about is home prices, which have come down a bit since they peaked last June. And you’ve likely heard something in the news or on social media about a price crash on the horizon. As a result, you may be holding off on buying a home until prices drop significantly. But that’s not always the best strategy.

A recent survey from Zonda shows 53% of millennials are still renting right now because they’re waiting for home prices to come down. But here’s the thing: the most recent data shows that home prices appear...

What Buyer Activity Tells Us About the Housing Market

Though the housing market is no longer experiencing the frenzy of a year ago, buyers are showing their interest in purchasing a home. According to U.S. News:

“Housing markets have cooled slightly, but demand hasn’t disappeared, and in many places remains strong largely due to the shortage of homes on the market.”

That activity can be seen in the latest ShowingTime Showing Index, which is a measure of buyers actively touring available homes (see graph below):

What_Buyer_Activity_Tells_Us_About_the_Housing_Market_seevegashomes

...

What’s Ahead for Home Prices?

As the housing market cools in response to the dramatic rise in mortgage rates, home price appreciation is cooling as well. And if you’re following along with headlines in the media, you’re probably seeing a wide range of opinions calling for everything from falling home prices to ongoing appreciation. But what’s true? What’s most likely to happen moving forward?

While opinions differ, the most likely outcome is we’ll fall somewhere in the middle of slight appreciation and slight depreciation. Here’s a look at the latest expert projections so you have the best information possible today.

What the Experts Are Saying About Home Prices Next Year

The graph below shows...