Las Vegas market cooling quickly

[Andrew Weiler]

In more ways than one, Las Vegas housing market is getting hit with cold water.

People are buying fewer homes, sellers are slashing their prices, and availability is soaring.

Southern Nevada is far from alone in seeing its once-sizzling market cool off lately. But in some key ways, recent reports show, Las Vegas seems to be hitting the brakes harder than other metro areas.

With that being said, Las Vegas market has by no means screeched to a halt, as homes are still selling. Overall, buyers are pulling back as higher mortgage rates wipe out the cheap money that fueled America’s unexpected housing boom after the pandemic hit.

Just over 27 percent of pending sales in the Las Vegas area fell through in June, the highest cancellation rate in the nation. 

Andrew Weiler 

New Western