Las Vegas experienced the nation’s largest housing inventory increase in July, with supply rising 31% year-over-year as economic uncertainty and a struggling tourism industry kept potential homebuyers away from the market, according to a Redfin analysis.
The supply surge marks a full year of inventory increases exceeding 20% for the Las Vegas metro area, roughly triple the national rate, the real estate brokerage reported. Meanwhile, pending home sales dropped 8.6% and closed sales fell 8.5% compared to the previous year, creating a significant imbalance between supply and demand.
Homes that do sell are taking considerably longer to find buyers. The typical Las Vegas home required 55 days to go under contract in July, 16 days longer than the same period last year…