Las Vegas housing market shows signs of movement as sales increase – KTNV 13 Action News Las Vegas

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LAS VEGAS (KTNV) — Andrew Tamura has been looking to buy a new home for several weeks.

A Las Vegas local, Tamura has visited close to a dozen homes around the valley, and he’s even put offers in on a few.

“I live in a condo and I don’t want to be sharing walls anymore,” Tamura says. “I’m trying to look for a single-family home, but it’s tough.”

Homes were selling left and right in the valley as recently as 2021, when the Las Vegas Realtors trade group reported a record 50,000 sales. However, it was very different in 2023. Last year, less than 30,000 homes were sold here, a result of a number of different factors.

First, interest rates, which were near 2% during the spring of 2021, ballooned to near 8% at times last year. There’s also been a tight housing supply in the valley in recent years. Less inventory means less sales.

However, all that could be changing. Early signs in 2024 are pointing to a loosening of the housing market here.

Many experts believe that interest rates — around 6.8% for a 30-year mortgage in mid-February — will continue to drop this year. In addition, some buyers might be tired of staying on the sidelines, so even a small dip in rates could trigger a rush of buyers.

“I feel like interest rates are going to come down,” says Jasneet Singh, a Realtor with Keller Williams in Las Vegas. “They may not go down a lot, but, moving into spring, we might see some reduction.”

When asked Friday, Chris Perron, a loan officer for Guild Mortgage in Henderson, said he’s noticed more open houses lately around the valley.

“I see more open houses for [Saturday] than I’ve seen in years,” Perron said. “Every corner, every block, there’s somebody showing off a house for sale. I think we’re getting more optimistic with where we’re going this year.”

In January, according to Las Vegas Realtors, home sales were up 12% when compared to the same month in 2023, which signals that 2024 is already off to a strong start on the sales side.

Like many others, Tamura knows market conditions aren’t perfect, but that hasn’t stopped him from trying to nail down his first home.

“There’s a price that I’m willing to pay, which I still think is overpriced. But so far, other people have been willing to pay more,” Tamura said. “If people come with cash, it’s hard to beat that. There’s a lot of people migrating from [California] and this market is cheap for them.”

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