Demand for homes is tumbling in Las Vegas as years of price hikes have pushed local buyers to the sidelines of the market and tourism is dwindling.
Active listings in Las Vegas—the number of homes available for sale on the city’s market—has jumped 31 percent in July compared to a year earlier, according to a new report by Redfin. It was the largest increase of any major U.S. metropolitan area that same month, and nearly triple the national rate.
The sudden inventory glut in the city, one of the biggest in the country, is “a tough pill for sellers to swallow,” Chen Zhao, head of economics research at Redfin, said in a statement shared with Newsweek. But it is “good news for buyers”—especially as mortgage rates are now nearing their lowest level in 10 months.
What Is Happening In Las Vegas’ Housing Market?
Inventory in Las Vegas is growing faster than anywhere else in the nation. There were a total of 14,575 homes for sale on the city’s market in July, including 3,458 new listings. It was the 12th straight month of 20 percent-plus inventory increases for Sin City…