Mortgage rates, which currently sit at 7 percent, will most likely hold the housing market back as many would-be sellers and buyers will remain on the sidelines, said Jackie Benson, a vice president and economist for Wells Fargo. Wells Fargo data for the Las Vegas Valley shows that price appreciation has softened lately but home prices are still rising faster than the national average.
Home prices were up nearly 5 percent year over year in November, according to CoreLogic, which is higher than the U. Home inventory improved alongside the slower sales pace, but housing supply remains constrained by high mortgage rates. Southern Nevada home sales finished the year ahead of โ which was the worst year for sales since โ however sales are still down from prepandemic levels, and home prices are close to record highs again. The local industry also faces significant headwinds in a number of categories including a lack of land to develop as the Bureau of Land Management controls the vast majority of available land left in the valley and has been slow to release it, along with a slowdown in building due to heightened construction costs and labor shortages.
Matt Hennessy, a Las Vegas-based mortgage advisor said elevated mortgage rates are a double-edged sword given the last jobs report which was stronger than expected. Most economists are predicting elevated rates for a lot longer. Galarza added local home prices are continuing to trend upwards which is in line with average historical data. Contact Patrick Blennerhassett at pblennerhassett reviewjournal.
The chairman of a North Dakota tribal nation bought a home in Summerlin after his government faced criticism back home for spending big on real estate along the Strip. UNLV Lied Center for Real Estate study of Redfin data shows the housing crunch is putting upwards pressure on home prices across the board and across the country. Clark County commissioners gave the green light to an unit development near Rhodes Ranch in the southwest valley.
The Clark County homes all will be placed on the rental market, with some of them managed by another Wall Street-backed firm.
