LVR: How Long Will Housing Continue Drop?

Headline: Housing ‘standoff’: How long will the market keep slowing?
Eli Segall, Las Vegas Review-Journal - Saturday…

Fueled by rock-bottom mortgage rates that let people stretch their budgets — and by an influx of out-of-state buyers — Southern Nevada’s housing market last year accelerated to its most frenzied pace in years. Prices hit all-time highs practically every month, house hunters flooded properties with offers and homes sold rapidly.

However, the market started hitting the brakes this year as mortgage rates climbed higher.

On the resale side, just over 2,000 single-family homes traded hands in Southern Nevada last month, down almost 38 percent from August 2021. Also, nearly 8,000 houses were on the market without offers at the end of August, up nearly 146 percent year-over-year, trade association Las Vegas Realtors reported.

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